U.S. Hispanic media conglom Univision Communications has realigned its news and entertainment divisions in a bid to streamline its management structure.

Alina Falcon, previously executive VP and operating manager of the Univision Network, returns to her roots in news operations to take on the newly created position of news prexy for Univision. As head of a new company-wide news division, Falcon will oversee news and sports programming and production across Univision Networks, the television Group and Univision Interactive Media. Falcon has been with Univision since 1984 where she has held a variety of posts including senior vp and director of news division for Univision.

Spanish native Luis Fernandez, who was tapped to head the new production shingle Univision Studios in December, has had his role expand in the newly created position of entertainment prexy for Univision Network. Entertainment programming for sister channels TeleFutura and Galavision will continue to be overseen by Bert Medina and Sebastian Trujillo, respectively.

Each executive will report directly to Cesar Conde, upped to Univision Networks prexy in August 2009.

Meanwhile, Ronald Day, VP of programming and promotions for TeleFutura has been named VP of programming and promotions for the Univision Network, replacing Otto Padron who has ankled in order to “pursue other opportunities.” Day will report to Fernandez. The company expects to name a VP of programming and promotions for the TeleFutura Network in the near future.

Executive shuffle comes at a time when Univision has unveiled plans to ramp up its in-house production and seen overall net revs for 2009 dip 2.9% compared to the year prior.