Paper: Univision Preparing For IPO
The L.A. Times is reporting that "dozens" of people were let go by Univision this week as the company looks to reduce expenses, eyeing a public offering either late 2014 or early 2015. Earlier this week, Univision President Jose Valle tipped his hand to what might be coming in an open letter. The company is focusing on more centralized programming. "Change is always difficult," Valle wrote, "but as the industry, we must continue to lead, experiment, learn, and recalibrate quickly, or else we will lose audiences. This means, to continue to win we must pull back resources in some areas, to invest in areas of growth."
The Times says some of the company's owners have been looking to get out: "Los Angeles billionaire Haim Saban and four private equity firms acquired Univision in 2007 in a leveraged buyout that left the company laden with $10 billion in debt." The paper also says that, in 2013, Univision Radio generated nearly $330 million in revenue, and produced $110 million in operating income, an increase of 8 percent over 2012.
(4/17/2014 6:41:27 AM) |
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