Viacom’s Ex-Finance Chief to Buy Majority Stake in Univision (2)

Former Viacom Inc. Chief Financial Officer Wade Davis agreed to buy a majority stake in Univision Communications Inc., a deal that follows years of failed attempts to sell the Spanish-language broadcaster or take it public.

Davis’s firm, ForgeLight, and his backers at Searchlight Capital Partners plan to acquire 64% of the media giant, with Davis becoming chief executive officer. Mexico’s Grupo Televisa SAB, the company’s longtime partner, will retain its 36% stake in Univision.

Though deal terms weren’t disclosed, the buyers are contributing about $800 million for their stake, giving the company an equity valuation below $1.5 billion, ...