×
You will be redirected back to your article in seconds

Cisneros sez adios to Univision post

Prez to found American CityVista to create inner city housing

MIAMI — Univision Communications prexy and chief operating officer Henry Cisneros has ankled the Spanish-lingo net after 3-1/2 years to establish a housing service.

He also resigned his Univision board membership. Univision chairman and CEO A. Jerrold (Jerry) Perenchio will assume his responsibilities in the near term.

Cisneros, a former secretary of housing and urban development and a former mayor of San Antonio, Texas, is ankling in order to found San Antonio-based American CityVista to create housing in inner-city areas of selected metro regions.

Cisneros’ departure from Univision should not impact operations since most senior execs reported to Perenchio anyway, Merrill Lynch analyst Jessica Reif Cohen said. She did not expect a big effect either on financials or the stock, which she said has been the best performing in the broadcast sector this year.

Cisneros’ principal responsibilities, Univision said, had been “to assist Perenchio in coordinating the efforts of Univision’s multiple operating divisions, with a particular emphasis on the company’s sales initiatives.”

Univision’s executive team remains intact, including network prexy Ray Rodriguez and the two co-presidents of network sales, Dennis McCauley and Tom McGarrity.

While Cisneros’ return to a public-service-oriented job was not a complete surprise, it came sooner than some had expected.

Cisneros joined Univision in January 1997, when national advertisers were not paying as much attention to the U.S. Hispanic market as Univision execs felt it deserved. Cisneros was charged with raising the net’s profile with corporate and with Anglo America, analyst Reif Cohen said.

“He went in at the most senior levels, the chairmen or CEOs, whereas the Univision sales force did more traditional selling. They attacked from both sides,” she told Daily Variety. “There is a high profile for Univision now among both Spanish- and English-language advertisers, so our view is ‘mission accomplished.’ ”

Univision now bills itself as the fifth-largest network in the U.S.

Revenue for Univision Communications, which includes O&Os and Spanish-lingo cabler Galavision, grew 25% to $577 million in 1998 and jumped another 20% in 1999 to $693.1 million.

For the 1999-2000 upfront season, the net reported $425 million in completed sales contracts with 79 advertisers, up from about $300 million with 62 advertisers in the 1998-99 season. Its 2000-01 upfront perf, for which results should be released soon, is expected to be even stronger.

“His efforts on behalf of Univision were instrumental in our development, and he will certainly be missed,” Perenchio said in a statement.

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content