Univision Remains on Track to Close Transaction with ForgeLight and Searchlight Capital Partners Later This Year
Univision Communications, Inc. ("Univision"), the leading Hispanic media company in the U.S., today announced that it has exited its minority position in El Rey Network ("El Rey"), the English-language entertainment cable network and production studio created by Mexican-American filmmaker Robert Rodriguez and FactoryMade Ventures, enabling El Rey to become 100% independently owned. Univision will continue to provide El Rey with sales and distribution services. Terms of the transaction were not disclosed.
Founded by influential filmmaker Robert Rodriguez, El Rey is an English-language, Latino-infused entertainment brand that showcases a wide range of iconic programming including reality, scripted and animated series, movies, documentaries, music, comedy, and sports. As an independently owned entity, El Rey will continue to leverage its strong brand recognition to serve the growing Hispanic community through unique, original programming.
"This is an important and significant milestone for El Rey, and we’re thrilled to have full ownership of our brand," said Robert Rodriguez, El Rey Chairman. "Thanks to Univision’s support and guidance, El Rey has been able to achieve more than we ever imagined and I’m confident that with this strong foundation we will continue to successfully serve one of the most important and influential audiences."
Rodriguez added, "We want to thank Univision for the incredible partnership over the last seven years, and we are fully supportive of – and excited for – the company’s next phase under their new ownership group."
FactoryMade CEO John Fogelman added, "From the start of our partnership, Univision believed in the strength of El Rey’s strategy and our potential, and today’s development is a true testament to all we’ve accomplished together. We thank the whole Univision team for their support of our network. They have been a tremendous partner, and I look forward to seeing all the company achieves in its next chapter under the ownership of such well-respected industry experts."
"Univision initially partnered with Robert and the El Rey team in an effort to support an innovative brand with the goal of successfully reaching young Hispanics in a way that nobody had done before," said Vince Sadusky, CEO of Univision. "We look forward to watching all that El Rey will undoubtedly accomplish in the future. For Univision, we remain focused on the anticipated close of our transaction with ForgeLight and Searchlight and we are excited about all that lies ahead."
About El Rey Network
El Rey Network is a Latino-infused entertainment brand that revels in the courage, capacity, and creativity of ordinary people on extraordinary journeys. Launched by maverick filmmaker Robert Rodriguez and run by Rodriguez and his artistic collective, El Rey Network develops and produces linear and digital programming as well as integrated branded entertainment offerings. El Rey Network's flagship is a 24-hour English-language entertainment and lifestyle cable channel that focuses a distinctly Latino lens on popular culture. El Rey Network is jointly owned by Robert Rodriguez and FactoryMade.
About Univision Communications Inc.
As the leading Hispanic media company in the U.S., Univision Communications Inc. entertains, informs and empowers U.S. Hispanics with news, sports and entertainment content across broadcast and cable television, audio and digital platforms. The company’s top-rated media portfolio includes the Univision and UniMás broadcast networks, as well as cable networks Galavisión and TUDN, the No. 1 Spanish-language sports network in the country. Locally, Univision owns or operates 65 television stations in major U.S. Hispanic markets and Puerto Rico. Additionally, Uforia, the Home of Latin Music, encompasses 58 owned or operated radio stations, a live event series and a robust digital audio footprint. The company’s prominent digital assets include Univision.com, streaming service Univision Now, the largest Hispanic influencer network and several top-rated apps. For more information, visit corporate.univision.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201106005592/en/
Theresa Vargas Wyatt