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Univision Communications said Thursday that it has extended the employment agreement of president and CEO Randy Falco through January 2018.
“Since taking the helm in 2011, Randy has successfully guided Univision through a period of exceptional growth and innovation, adeptly navigating a climate of unprecedented industry change and positioning the company for the future,” said Univision Communications chairman Haim Saban.
Read more Univision CEO: Comcast-Time Warner Cable Deal Could Be Bad for Hispanics
He added: “Under Randy’s leadership and vision, the company has meaningfully increased earnings and accelerated its transformation from a niche broadcast network to a multimedia powerhouse, with platforms across the spectrum of traditional and new media that appeal to the diverse U.S. Hispanic audiences like no other media company can. By being nimble and opportunistic — internally and externally — and making smart investments, Randy and his team have set Univision apart from its peers, making our company an invaluable partner to marketers and distributors, providing our audiences more and better content than ever before, and creating opportunities for our talented employees.”
Falco joined Univision in early 2011 and was initially the company’s COO and executive vp. He succeeded Joe Uva, who left Univision in March 2011, as CEO. His promotion came in mid-2011.
Observers have at times suggested that privately-held Univision could go public again after being taken private in 2007 amid the growth of Hispanic media. Univision’s key competitor in the U.S. is Telemundo, part of Comcast-owned NBCUniversal.
Read more DirecTV to Launch Web-Based Video Service for Hispanics This Year
Univision Communications is the leading media company serving Hispanic America, with 16 broadcast, cable and digital networks; 61 TV stations; 67 radio stations; various online and mobile apps and products; and content creation facilities in Miami, New York and Los Angeles. During Falco’s tenure, Univision launched new networks focused on sports, telenovelas and news as well as the joint venture Fusion with ABC and created UVideos, the first bilingual digital video network, and introduced Uforia, a digital music service.
The Univision network is the most-watched Spanish-language broadcast television network in the country, reaching 95 percent of U.S. Hispanic television households, and one of the top five networks in the U.S. regardless of language.
Univision has also been looking for over-the-top opportunities, such as OTT network Flama. “We’re looking at over-the-top in an opportunistic way,” Falco said late last year. “It’s another distribution platform that we have to look at very seriously.”
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