With a Univision Communications shareholder meeting to vote on a buyout offer coming up this month, some of the Spanish-language broadcaster’s top executives have been selling off their shares.
According to a Sept. 13 filing with the U.S. Securities and Exchange Commission, Univision president and chief operating officer Ray Rodriguez sold $5,240,221 worth of 150,000 previously issued company stock options on Sept. 11. Three additional filings indicate that chief financial officer Andrew Hobson sold more than $12 million worth of shares over the first twelve days of September.
Meanwhile, Grupo Televisa, which lost out to Umbrella Holdings in its bid to acquire the Spanish-language broadcaster, has yet to sell off its stake in Univision — or at least hasn’t filed notice on such a sale with the SEC.
In a Sept. 18 filing with the Mexican stock exchange, Televisa said it does not plan to pursue an offer for Univision. This announcement followed a Sept. 12 report in The New York Times that Televisa was trying to gather support and financing for another bid to purchase Univision.
The Univision shareholder meeting to approve or reject the Umbrella Holdings buyout offer is set for Sept. 27 in Los Angeles.