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Share Name | Share Symbol | Market | Type |
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Morgan Stanley | NYSE:MS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.22 | -1.32% | 90.89 | 91.92 | 90.55 | 91.92 | 2,859,138 | 19:57:01 |
By Benjamin Mullin and Cara Lombardo
Univision Communications Inc. is exploring strategic options including a possible sale, according to people familiar with the matter, a process that could culminate in a long-sought deal for the Spanish-language broadcaster's private-equity owners.
The company has hired Morgan Stanley and boutique investment bank LionTree to explore its strategic options, according to the people.
The process is in its early stages and a deal is far from certain, the people said.
Univision is hoping the company could attract interest from large media companies looking to add Spanish-language programming to their assets, some of the people said. In 2017, Univision turned down an offer from cable tycoon John Malone that valued the company at between $13.5 billion to $15 billion.
Univision had no immediate comment.
Univision's backers, which include billionaire Haim Saban's Saban Capital Group and private-equity firms Madison Dearborn Partners and Providence Equity Partners, among others, have been eager for an exit.
Univision is grappling with debt, the consequence of a $13.7 billion leveraged buyout in 2006 when the company was taken private. The company said it finished 2018 with $7.4 billion in debt but reduced its total debt by $547 million last year.
After a period of turbulence in Univision's upper ranks, the company made a number of changes. It brought in media industry veteran Vincent Sadusky as chief executive last year to succeed Randy Falco.
This spring, it agreed to sell off its Gizmodo Media Group unit -- which included English-language sites like Jezebel, Deadspin and Lifehacker -- to private-equity firm Great Hill Partners.
Write to Benjamin Mullin at Benjamin.Mullin@wsj.com and Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
July 03, 2019 15:58 ET (19:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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