It is no secret that Univision Communications, led by CEO Vince Sadusky, has been looking to deleverage. With the September delivery of the privately held company’s Q2 results, Sadusky reiterated a July 3 company statement confirming that Univision’s Board of Directors is reviewing strategic options and that Univision has engaged financial advisors to assist with the process.
According to Bloomberg, a blank-check company is considering a bid for the company.
Bloomberg offered its report Thursday, and Univision has officially remained mum on the subject.
A company spokesperson would only tell RBR+TVBR that “the process remains robust” regarding the strategic options discussed nearly four months ago, and had no comment on the Bloomberg report.
Bloomberg quotes “people familiar with the matter” who claim Churchill has “spoken to advisers” about making an offer for Univision.
Churchill could make a bid. Or, it could not.
Bloomberg describes Klein as a top dealmaker advising Saudi Aramco on its planned IPO. He counseled Dow Chemical Co. on its 2016 merger with DuPont.
SEC filings show Churchill Capital was founded in 2019 and taken public in June, raising some $690 million.
SPACs are shell companies that raise money from public investors to pursue an acquisition they haven’t identified yet. It is a move Lew Dickey Jr. made when forming Modern Media Acquisition Corp., which entered into a definitive agreement to combine with Akazoo Ltd. — “a global digital music streaming platform based in the United Kingdom.”
Pursuant to its certificate of incorporation, MMDM had until February 17 to complete a business combination.
A similar situation is in place for Churchill.
Adam R Jacobson is a veteran radio industry journalist and advertising industry analyst with general, multicultural and Hispanic market expertise. From 1996 to 2006 he served as an editor at Radio & Records.