NEW YORK Joe Uva, worldwide CEO of Omnicom Group's OMD, is leaving the media agency to join Univision as the Spanish-language television network's chief executive.
Univision is in the process of being taken private by a consortium of venture capital firms. The deal is expected to close next month. Uva will succeed longtime network CEO Jerrold Perenchio. The network late Tuesday confirmed Uva would join as its chief executive.
Uva joined OMD in 2002 from Turner Broadcasting, where he was vp, sales in the entertainment group.
Sources said Uva informed his superiors about the move a week to 10 days ago. He still has seven months left on his employment contract and OMD could have made him sit on the sidelines, but opted to let him leave for Univision.
"There's no animosity here," said a source. "It's a fantastic opportunity for him."
No replacement has been named for Uva, and the agency will report to Daryl Simm, CEO of the Omnicom Media Group, until a replacement has been found.
Univision last weekend agreed to pay a record $24 million fine as part of a deal over allegations that the nation's largest Spanish-language network broke rules for educational children's programming.
The penalty is part of a consent decree that would pave the way for Univision to complete a $12.3 billion sale to private investors. For the sale to go through—and Univision's broadcast license transferred—a majority of the FCC's five commissioners must vote for it.