Univision CEO Randy Falco. Photo: Albin Lohr-Jones/Pool via Bloomberg

Univision CEO Randy Falco will retire at the end of the year, according to a statement from Univision's Board of Directors Wednesday evening. The news comes after Univision announced it would be scrapping plans to go public, citing "prevailing market conditions."

Why it matters: Rumors swirled shortly after the announcement that Falco's retirement was linked to failed attempts to take the company public, forcing the Board to put out a statement dispelling such rumors and saying they "reluctantly agreed" to Randy's wishes to retire and that they "could not be more pleased with his performance."

  • “There are multiple rumors out there and on behalf of the Univision Board I would like to set the record straight about our CEO Randy Falco," said Haim Saban, Chairman of the Board Directors for Univision Communications Inc. "Let me be clear we at the Board of Univision have reluctantly agreed to Randy’s wishes out of respect and the high regard we have for him as a partner."
  • The board has asked Falco to work with them this year in "restructuring the company and consult with the board on  a transition to new leadership," per Saban.

Changes at the company are already underway. The company has already begun searching for a new CEO and is going through a business review that could lead to large cost cuts, according to the Wall Street Journal. Falco has been CEO of the company for the past eight years.

  • Univision originally filed for its IPO in 2015, but the process has been stalled for some time. Sources tell Axios to expect it to eventually seek a buyer, with one private shareholder saying that "there are bankers climbing all over them."
  • Our thought bubble: Univision will face a challenge trying to find a buyer that's willing to pay more than the $13 billion-plus Discovery reportedly offered last year.

The news comes at a time of great change for the Spanish-language broadcaster.

  • Earlier Wednesday, Univision also announced that Peter Lori will replace Frank Lopez-Balboa as chief financial officer.
  • While broad market conditions seem okay, traditional broadcasters have struggled to retain viewers. Bloomberg notes that Univision may lose eyeballs later this year to Comcast-owned Telemundo, when the latter airs the World Cup.

Despite secular pressure, Univision has continued to perform well in prime-time, finishing 2017 as the top Spanish-language network in prime-time for the 25th consecutive year across a key advertising demo of 18-49. It also has maintained a robust digital audience.

Go deeper

30 mins ago - Health

The pandemic hasn't hampered the health care industry

Illustration: Rebecca Zisser/Axios

The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.

The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.

Column / Harder Line

How climate and business woes are sinking a natural-gas project

Illustration: Annelise Capossela/Axios

The Trump administration recently touted its approval of America’s first terminal on the West Coast to export liquefied natural gas. There’s just one problem: it probably won’t be built.

Why it matters: The project in southern Oregon faces political and business hurdles serious enough that those who are following it say it will be shelved. Its problems embody the struggles facing a once-promising sector that's now struggling under the weight of the pandemic and more.

Updated 1 hour ago - Science

Isaias strengthens as it crawls toward the Carolinas

A wave crashes ashore as Tropical Storm Isaias passes through Jetty Park in Fort Pierce, Florida, on Sunday. Photo: Joe Raedle/Getty Images

Tropical Storm Isaias is expected to reach the Carolinas late Monday at "near hurricane strength," the National Hurricane Center (NHC) said.

The latest: Isaias was 65 miles northeast of Cape Canaveral with winds increasing to 70 mph, the NHC said in a 2 a.m. update. Storm surge warnings and hurricane watches were in effect for North and South Carolina and Rhode Island. Tropical storm watches were in effect for Florida, Long Island and Delaware.