CBS’s Ianniello Might Lead Univision Bid: Report
Platinum Equity one of several bidders for the Spanish-language media company
Joe Ianniello, who has overseen the CBS-branded assets at ViacomCBS since the merger of Viacom and CBS, is being sought to lead a bid for Univision Communications, according to a report in the Wall Street Journal.
Platinum Equity, a private-equity firm is recruiting Ianniello, who could leave ViacomCBS and get a huge payout before his contract ends in 2021.
A CBS spokesperson had no comment on the report.
Platinum Equity is one of at least four bidder for Univision, according to the paper.
Others participating in the auction include Hemisphere Media Group and another outfit fronted by Wade Davis, a former CFO at Viacom.
Once the dominant Spanish-language TV company, Univision’s ratings have fallen at the same time as Comcast’s Telemundo’s have gained.
Univision is owned by a group of private-equity firms that bought the company in 2007 for $13.7 billion.