MEXICO CITY, Sept 18 (Reuters) - TelevisaUnivision, a

Mexican-American media company that combines content from two of

the largest Spanish-language broadcasters, will replace its

chief executive, according to two sources with knowledge of the

plan, with the shakeup expected as soon as Wednesday evening.

Davis will be terminated, according to one of the

sources with knowledge of the decision, due to some company

results that have lagged internal expectations.

"He lost the confidence of the U.S. side, the Mexican

side and of the funds," the source said.

Davis, a former ViacomCBS executive who is based in the

U.S., did not immediately respond to a request for comment.

Davis, who had been CEO since the joint venture was formed

in 2021, will likely be succeeded by Daniel Alegre, a Mexican

who most recently served as chief executive of non-fungible

token (NFT) maker Yuga Labs, the sources said.

Alegre also previously worked at videogame maker Activision

Blizzard and spent 16 years at Google, during which he opened

offices for the tech giant across Latin America.

A board meeting to finalize the transition was expected to

happen Wednesday evening or Thursday morning.

TelevisaUnivision is a joint venture between Televisa

, Mexico's largest broadcaster, and U.S.

Spanish-language broadcaster Univision. Davis oversaw the launch

of streaming service ViX, which now has about 50 million global

monthly active users and competes with Netflix Inc ( NFLX ) and

Disney Plus.

Davis, who was hired to lead the newly formed company in

2021, had served as the CEO of Univision since Searchlight

Capital Partners and ForgeLight, which Davis founded, completed

their

majority stake purchase

of the network in 2020.

The SoftBank Latin America fund was one of

TelevisaUnivision's original investors, alongside ForgeLight, a

private equity firm, Google and The Raine Group.

TelevisaUnivision posted a 4% drop in profit to $1.61

billion in 2023. The company's debt stands at $9.8 billion,

according to its second-quarter report.

The firm has, however, seen gains in total revenue and

revenue from advertising in 2023 and so far in 2024, most of

which has been driven by the Mexican market. Company officials

had hoped for stronger gains in the U.S. market, the source

said.

Davis would transition to the role of vice chairman and

continue as a member of the board's executive committee, the

sources said.