Falco Nears Univision Exit
A day after it said it would withdraw its plans for an initial public offering, Univision Communications could be in line for even more changes. The company confirmed late Wednesday that long-time CEO Randy Falco has approached the board about retiring early – at the end of this year – amid reports that the Spanish-language content giant is mulling a restructuring that will drastically reduce costs.
Univisionwithdrew its IPO documents Tuesday, ending a three-year odyssey for the programmer. Univision set the IPO engine in motion in 2015, and even brought in former Goldman Sachs banker Francisco Lopez-Balboa as chief financial officer to head up the effort. Lopez-Balboa resigned on Tuesday. He was replaced by long-time Univision executive Peter Lori.
Falco was said to be on increasingly thin ice in the wake of the IPO withdrawal – it was seen as the main exit vehicle for the investors that took the company private in 2007 for $13.7 billion, including Providence Equity Partners, media mogul and Univision chairman Haim Saban, TPG Capital and Thomas H. Lee Partners.
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