Univision Communications said it has extended its employment agreement with president and CEO Randy Falco.
The new deal runs for two more years, ending Jan. 31, 2020.
Falco joined Univision in 2011 after holding top posts at AOL and NBC.
Once the dominant network in Spanish-language TV, Univision is currently being challenged by Comcast-NBCU’s Telemundo, which wins some prime-time hours with programming that’s more contemporary than the telenovelas that traditionally have run on Univision.
In recent years, Univision has been reportedly been put up for sale, but the price its owners put on the company was too high for potential buyers.
“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, chair of UCI's board.
“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,” Saban said. “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 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.”