Univision Communications Inc. (UCI) has extended President and CEO Randy Falco’s contract for two more years, the company said on Thursday.
He’ll now lead the Spanish-language broadcasting company through January 2020.
“Randy has been the architect of UCI’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 Haim Saban, chairman of the Board of Directors of UCI. “With Randy’s vision, UCI 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,” Saban continued. “But perhaps most important is Randy’s authentic and unwavering commitment to the U.S. Hispanic community, which has amplified UCI’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.”
Univision, which had been the No. 1 Spanish-language broadcast network in the United States for decade, has steadily been losing TV ratings share to main competitor Telemundo.
UCI revealed its third-quarter 2017 earnings early Thursday morning; catch up on those financial results here.