Univision Owners Exit After 14-Year, Money-Losing Buyout Debacle

The sale of Univision Communications Inc. on Tuesday caps a 14-year, money-losing saga for its private equity investors, who bet big on the Spanish-language broadcaster just ahead of a recession and the decline of the television industry.

After the deal, Univision will be valued at less than $10 billion including debt, a far cry from the $13.7 billion at the time of the leveraged buyout in 2006 when broadcasters -- not yet damaged by cord cutting and the streaming era -- were a major prize.

The sale marks one of the biggest busts from private equity’s so-called golden age -- ...