It’s not getting any easier for Univision’s owners.

Already battered by two failed attempts at an initial public offering and a resurgent rival in Telemundo, the five private equity owners of the once-dominant Spanish language broadcaster are now faced with a brutal carriage dispute and a forecast that revenue next year will decline 4 percent — its largest downturn ever, The Post has learned.

A leading Univision lender said he is forecasting a 4 percent revenue drop in 2019 — after being flat this year.

The decline is expected to put more pressure on the heavily indebted media company.

The pressure to increase revenue is likely one reason for the carriage-fee standoff with Dish.

The pay-TV distributor dropped Univision on June 30 when it couldn’t come to an agreement on fees.

Univision’s owners — Madison Dearborn Partners, Providence Equity Partners, TPG Capital, THL Partners and Haim Saban — may also be looking to raise money by selling off some assets.

The Big Apple-based company is weighing the sale of Fusion Media Group, which includes Gizmodo and Deadspin.

The unit, cobbled together in separate purchases in 2016, was supposed to be Univision’s growth engine.

Meanwhile, as the five PE owners try to sort out the mess, rival Telemundo, owned by Comcast’s NBCUniversal, is enjoying growing prime-time ratings — thanks in large part to new, saucier novelas that are appealing to a younger audience.

Telemundo, which once trailed Univision in the ratings game by a wide margin, won the coveted 18-to-49 demo during prime time for the week of June 18-24, according to Nielsen — averaging a 0.5 rating to Univision’s 0.4.

At the same time, Telemundo is scoring record daytime ratings thanks to the World Cup. It outbid Univision for the rights to the 2018 and 2022 soccer tournaments.

The struggle is not what the five PE giants had hoped for when they bought Univision for $13.7 billion in 2007.

But with five owners, each with their own idea of what they wanted out of the deal — a quick flip for some and a prolonged ownership period for another, for example — perhaps it is no surprise Univision is suffering.

“This is a poster child of a club deal gone wrong,” a source who was close to Univision’s owners told The Post, referring to when multiple buyout players own the same company.

As it turned out, Providence and THL Partners wanted a quick flip, while Madison Dearborn and TPG wanted to expand the business for at least five years, the source said.

“If everybody’s in charge, nobody is in charge,” the source said.

Any two of the firms, besides Saban, can stop significant moves, the source said.

The PE firms tried to sell Univision in 2014 at a $20 billion valuation and received no takers.

“The five partners could not agree on a [reduced] price,” the source said.

The Univision lender believes the network is worth $11.5 billion, not much more than its $8 billion in debt.

Univision and the PE firms declined to comment.