The Spanish-language media company has been entertaining offers since last summer. An investor group led by former Viacom CFO Wade Davis has agreed to acquire a 64% majority stake in Univision. Davis will become the CEO.
The group includes private equity firm Searchlight Capital and ForgeLight.
Univision turned down a $13 billion merger offer from Discovery in 2017 and a plan for an initial public offering was floated in 2018.
Financial details of the deal today were not disclosed.
Univision owns 58 radio stations.