Some Univision Execs Get New Severance Plan
Spanish-language media giant Univision Communications Inc. said Friday that it had reached compensation agreements with top executives in preparation for a possible sale.
Univision’s board this week approved changes to its severance plans covering “key employees,” including Vice Chairman Robert Cahill, Chief Financial Officer Andrew Hobson, General Counsel Douglas Kranwinkle and President Ray Rodriguez, according to a regulatory filing.
The filing did not mention Los Angeles billionaire A. Jerrold Perenchio, the company’s chairman and chief executive, who draws an annual salary of $1.
The changes allow for a severance worth three times the executives’ annual salary and bonuses if they are terminated after a sale of the company.
According to Bloomberg News, Hobson was paid $1.75 million in salary and bonus in 2005, Rodriguez received $1.6 million, Cahill $1.4 million and Kranwinkle $1.3 million.
The executives’ outstanding stock options and other equity-based awards would immediately vest under the new plans.
Wall Street seemed to interpret the move as a sign the company would be sold; shares rose 49 cents to $36.09.
Century City-based Univision put itself on the block in February and is expected to fetch $12 billion to $14 billion. Bids are due June 13.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
