NEW YORK (TheStreet) -- Spanish TV network operator Universal Holdings has filed a prospectus for an initial public offering on either the New York Stock Exchange or Nasdaq under the ticker UVN.

The offering is set to occur later this year. The media company operates broadcast and cable networks, 60 local television stations, a number of radio stations, as well as digital and mobile apps.

Much of Univision's content comes from Mexican media company Televisa (TV - Get Report), the world's biggest producer of Spanish-language television programming. Univision has an agreement with Televisa until at least 2030. After the offering, Televisa will own 22% of Univision's voting rights.

Univision was bought by private-equity firms in 2007 in a leveraged buyout that has burdened Univision with massive amounts of debt. As of March 31st, Univision has $10.6 billion in outstanding debt against current assets of just over $1 billion.

The prospectus says that the company intends to use the capital raised from going public to pay off some of that debt while also providing the private-equity firms and investment funds the opportunity to exit their eight-year investment.

One risk the company lists in the prospectus is the inability to manage the debt were it to operate at a loss for extended periods of time, which has been the case recently.

Univision operated at a net loss of $142 million last year. As of Dec. 31 it had operating loss carry-forwards on federal taxes of $1.6 billion.

Morgan Stanley (MS - Get Report), Goldman Sachs (GS - Get Report) and Deutsche Bank (DB - Get Report) are leading the underwriting for Univision's offering.