Representatives of Mexican broadcasting giant Grupo Televisa met with the consortium of private equity firms that recently won an auction to acquire Univision, according to the New York Times. The two groups met at investment firm Allen & Company’s annual gathering in Sun Valley, Idaho.
In late June, Grupo Televisa, along with a consortium of investment firms, including Bain Capital and Bill Gates’ Cascade Investments, bid $35.75 per share in an auction to acquire Univision. A rival consortium—consisting of private equity firms Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners, and a firm led by former children’s television producer Haim Saban—outbid the Televisa group with an offer of $36.25 per share, winning the sale. The deal was valued at $13.7 billion (€10.9 billion), and included the assumption of $1.4 billion in debt.
Soon after, Televisa announced that it would sell its own 11.4 percent stake in Univision “as soon as possible” at the $36.25 per-share price. Televisa argued that the sale of its Univision shares would free Televisa from a 1996 agreement with the media company that limited Televisa’s expansion into US television markets.
Now Televisa is discussing the possibility of continuing its Univision investment, despite its loss in the auction. Televisa was represented at the meeting by chairman and president Emilio Azcárraga and two executive vice presidents, with Jonathan Nelson, founder of Providence Equity Partners, representing the winning consortium.