Spanish-language content company Univision Communications has withdrawn documents for its planned initial public offering and named a new chief financial officer, former executive VP finance and chief accounting officer Peter Lori, to replace Francisco Lopez-Balboa, who has decided to leave to pursue other interests.
Lopez-Balboa, a former Goldman Sachs banker, was hired three years ago to prepare the company for its IPO, which initially intended to raise about $1 billion and would have valued Univision at about $20 billion. But in a statement, Univision said it decided to pull the IPO due to prevailing market conditions.
Related: Univision Adds Focus on Advanced Advertising Effort
Lori was Lopez-Balboa’s chief lieutenant and has served in several roles, including deputy CFO and interim CFO, since he joined Univision in 2005 from accounting firm Arthur Andersen, where he served as a partner. He will report to CEO Randy Falco.
For more, go to multichannel.com.
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