Univision preps for second half debut

摘要

Univision communications is preparing for a long-awaited US$1bn-plus IPO in the second half of this year, enabling its financial sponsor syndicate to finally begin monetising their ill-timed US$13.7bn pre-crisis buyout. Reuters reported last week that Univision had tapped Goldman Sachs, Morgan Stanley and Deutsche Bank to lead the potential deal, which would be based on an enterprise value of around US$20bn. Given the growth of the Hispanic community in the US, both in terms of population and disposable income, and the company's increased reliance on less cyclical retransmission fees (less cyclical than advertising), Univision could present a compelling story for investors.