Univision Communications said it has divested its minority stake in El Rey Nework, the cable channel and production studio created by filmmaker Robert Rodriguez and FactoryMade.
El Rey will continue as an independently owned entity.
Financial terms were not disclosed.
“This is an important and significant milestone for El Rey, and we’re thrilled to have full ownership of our brand,” said Rodriguez, chairman, El Rey. “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.”
Univision appears to be trying to clean up its balance sheet as it moves towards completing its sale to ForgeLight and Searchlight Capital Partners. The transaction is expected to be completed later this year.
“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.”
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