“Despite having extended CEO Randy Falco’s contract through 2020 last November, Univision has now confirmed that he will retire by the end of 2018,” reports Dade Hayes at Deadline.com.
The article continues, “The accelerated retirement plan comes during a 24-hour period when the company ditched its long-planned IPO strategy and replaced its CFO.”
Falco, who was previously at NBC for more than 30 years, is well-known in the TV community. He joined Univision in 2011.
In a Wall St. Journal story, Shalini Ramachandran and Keach Hagey report, “Univision’s private-equity backers—which include billionaire [and chairman of the Univision board Haim] Saban’s Saban Capital Group, Madison Dearborn Partners and Providence Equity Partners, among others—also have retained a consulting firm to undertake a review of Univision’s businesses, some [sources] said. The company is contending with a rapidly shifting television landscape, significant ratings declines on its broadcast network and the inability to engineer an exit for the company’s longtime private-equity owners.
“The business review could result in cost cuts in the range of $200 million, including significant layoffs, some of the [sources] said. The expense reductions and business review would be aimed at improving the company’s performance and sprucing it up in advance of courting suitors for a potential sale, the [sources] said.”
Cynthia Littleton of Variety reports, “Univision has been grappling with a heavy debt load and the sector-wide challenges facing its core broadcasting business. Univision’s chief rival Telemundo has been on a ratings roll, thanks to increased investment from parent NBCUniversal, and has challenged Univision’s market share dominance for the first time in more than 20 years.”