Univision Extends CEO Randy Falco’s Contract by Two Years
Spanish-language media giant Univision Communications on Thursday said it has extended its employment agreement with president and CEO Randy Falco by two years.
Spanish-language media giant Univision Communications on Thursday said it has extended its employment agreement with president and CEO Randy Falco by two years.
The 63-year-old will now stay in place through Jan. 31, 2020. “Randy has been the architect of [Univision’s] evolution since 2011, guiding the company’s tremendous expansion, steadily improving Univision’s financial performance and significantly improving the balance sheet by paying down debt,” said chairman Haim Saban.
“With Randy’s vision, [the company] has remained the undisputed leader in Spanish-language media and at the same time successfully diversified into English-language media to provide young, diverse Americans with the content they crave in the formats they seek. Our portfolio now includes a powerful collection of Spanish-language and English-language digital offerings that provide even more exciting opportunities for distributors, partners and our employees. But perhaps most important is Randy’s authentic and unwavering commitment to the U.S. Hispanic community, which has amplified [Univision’s] voice and purpose as an advocate for Hispanic America, especially during difficult times for our nation. The board is delighted that Randy will continue to lead Univision to new levels of success in the future.”
The Spanish-language media giant operates such assets as broadcast networks Univision Network and UniMas, formerly Telefutura, as well as cable channel Galavision and sports network Univision Deportes.
Univision, which has been planning an IPO, but this year also reportedly saw John Malone approach its owners about a possible acquisition of a big stake, on Thursday also posted its third-quarter financials. Third-quarter earnings of $104.0 million compared to a year-ago loss of $30.5 million.
Adjusted operating income before depreciation and amortization (OIBDA), another profitability metric, increased 6.9 percent in the third quarter to $339.8 million. Revenue rose 5.9 percent to $778.2 million as pro forma core advertising revenue fell 8.7 percent, but non-advertising revenue, including subscriber fee, content licensing
and other contractual revenue, rose 20.1 percent.
“We continued to reduce our debt and improve our capital structure, highlighted by our $721 million net debt reduction year to date,” said Falco. “We finished as the number one Spanish-language network for the 25th consecutive broadcast season and continue to have the number one Spanish-language sports and cable networks. We reinforced our position as the home of soccer in the U.S. with the successful Gold Cup tournament and launch of the new Liga MX season.”
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