Liberty Global’s investment arm is working with Hemisphere Media Group on a bid for Spanish-language media giant Univision Communications, according to Bloomberg.

“This is a small investment that Liberty Global Ventures is exploring,” commented Liberty Global spokesman Matt Beake.

Univision rejected a takeover offer in 2017 from Discovery that had valued the company at more than $13 billion, subsequently dropping plans for an IPO in 2018, and engaging financial advisers in July 2019 to review strategic options, including a sale.

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