Univision Holdings has filed an amended S-1 form with U.S. the Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company has still not given any pricing terms in this filing, but Univision did update its finances. The company intends to file on the New York Stock Exchange under the symbol UVN.
The underwriters for this offering are Morgan Stanley, Goldman Sachs, Deutsche Bank, Allen, Barclays, Merrill Lynch, Citigroup, Credit Suisse, Guggenheim, JPMorgan, Wells Fargo, Natixis, Cabrera Capital Markets, Guzman, Lebenthal Capital Markets, Loop Capital Markets, Ramirez and Williams Capital Group.
This is the leading media company serving Hispanic America. It produces and delivers content across multiple media platforms to inform, entertain and empower Hispanic America. Univision has more than 50 years of a multi-generational relationship with its audience. It earned the highest brand equity score among U.S. media brands in a brand equity research study conducted by Burke in 2015.
The company reaches over 49 million unduplicated media consumers monthly and its commitment to high-quality, culturally relevant programming combined with its multi-platform media properties has enabled it to become the top destination for entertainment, sports and news among U.S. Hispanics.
The 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. The company has a strategic relationship with Grupo Televisa 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 United States.
In the filing, Univision detailed its finances as follows:
We generate revenue from advertising on our media networks and radio stations as well as subscription fees, which include retransmission and affiliate fees, paid by our distribution partners. We expect our advertising revenue growth to continue to outperform our English-language media peers and our recurring subscription fees to make up an increasingly larger percentage of our total revenue. For the years ended December 31, 2012, 2013, and 2014 we generated revenue of $2.4 billion, $2.6 billion and $2.9 billion; Adjusted OIBDA of $0.9 billion, $1.1 billion, and $1.2 billion; Adjusted Free Cash Flow of $69.7 million, $(92.4) million and $335.6 million; and a net loss of $14.4 million, net income of $216.0 million, and net income of $0.9 million, respectively. For the nine months ended September 30, 2015, we generated revenue of $2,122.5 million, Adjusted OIBDA of $976.6 million, Adjusted Free Cash Flow of $344.7 million and a net loss of $16.6 million.
The company intends to use the proceeds from this offering to repay indebtedness and for general corporate purposes.