Once upon a time, Univision, an American broadcasting operation aimed primarily at Spanish speakers in the United States, was a tremendous golden goose laying tremendous golden eggs: It made incredible amounts of money and had to do essentially nothing for it other than run programming produced by Televisa, a Mexican broadcasting operation. The fairy tale ended long ago. Univision has been in decline for years, thanks to a disastrous private equity buyout finalized in 2007; an aging audience; a burdensome program-licensing deal with Televisa; competition from Telemundo and Netflix; layers of overpaid and useless middle management; and a general failure to position itself for a digital future.