After years of being under the arm of private equity, Univision finally will be coming public again. This was one of the biggest and most hoped-for initial public offerings (IPOs) for 2015, and now a filing from Univision Holdings Inc. would imply that it soon will be public again.

Univision has filed to sell up to $100 million in common shares, but formal terms are not set in stone and the offering could end up being far larger.

Univision was taken private in a 2007 buyout by Broadcasting Media Partners, which was a private equity investor group that included Madison Dearborn Partners, Providence Equity Partners, Thomas H. Lee Partners, TPG and Saban Capital Group. That deal was for close to $13.7 billion in 2007, and recent chatter has been that there was interest in selling for close to $20 billion.

What will drive the cart here is that Univision is the leader in Spanish language broadcast and content in media. It has the top demographic that is still growing in America. That being said, an IPO filing sometimes brings in a total buyout, and that of course still may be possible here.

Morgan Stanley, Goldman Sachs and Deutsche Bank Securities were hired as the book-running managers for this offering. Chances are high that many more firms will be named in the underwriting syndicate if the size of the offering increases.

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Univision’s own description refers to itself as being the leading media company serving Hispanic America. It uses multiple media platforms and claims to reach over 49 million unduplicated media consumers each month. The company said:

Our flagship network, Univision Network, has been the most-watched U.S. Spanish-language broadcast network since its ratings were first measured by Nielsen in 1992. We have a strategic relationship with Grupo Televisa, S.A.B. and its affiliates, the largest media company in the Spanish-speaking world and a top programming producer, for exclusive, long-term access to its premium entertainment and sports content in the U.S.

Its own description of media networks:

Media Networks: Our principal segment is Media Networks, which includes our broadcast and cable networks, local television stations, and digital and mobile properties. We operate two broadcast television networks. Univision Network is the most-watched U.S. Spanish-language broadcast television network, available in approximately 94% of U.S. Hispanic television households. UniMás is among the leading Spanish-language broadcast television networks. In addition, we operate nine cable networks, including Galavisión, the most-watched U.S. Spanish-language cable network, and Univision Deportes, the most-watched Spanish-language sports cable network. We own and operate 60 local television stations, including stations located in the largest markets in the U.S., which represent the largest number of owned and operated local television stations among the major U.S. broadcast networks. In addition, we provide programming to 74 broadcast network station affiliates. Our digital properties include online and mobile websites, which generate, on average, 540 million page views per month. Univision.com is our flagship digital property and is the #1 most visited Spanish-language website among U.S. Hispanics. UVideos is our bilingual digital video network providing on-demand delivery of our programming across multiple devices. Our Media Networks segment accounted for approximately 90% of our revenues in 2014.

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Its own description of radio:

We have the largest Spanish-language radio group in the U.S. and our stations are frequently ranked #1 regardless of language in many major markets. We own and operate 67 radio stations including stations in 16 of the top 25 DMAs. Our radio stations reach over 15 million listeners per week and cover approximately 75% of the U.S. Hispanic population. Our Radio segment also includes Uforia, a comprehensive digital music platform, which includes more than 65 live radio stations and a library of more than 20 million songs. Our Radio segment accounted for approximately 10% of our revenues in 2014.

Univision’s organizational structure and properties were shown in the IPO filing as seen below:

FULL SEC FILING

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