"It was working at acceptable levels financially, " NBC Universal Television Entertainment Chairman Jeff Gaspin told reporters on Sunday.

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Silverman will join NBC Universal television president Marc Graboff as co-chairman of NBC Entertainment and NBC Universal Television Studio in an attempt to revive the struggling network.

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Update: Several days after reports surfaced, Jeff Gaspin officially resigned Monday as chairman of NBC Universal Television Entertainment, a role he has held since July of 2009.

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Falco, who served as president of the NBC Universal television group before his brief tenure at the Internet company, has been named executive vice president and chief operating officer of the Spanish language media giant.

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The NBC Universal Domestic Television Distribution division is responsible for the distribution of NBC Universal product to all forms of television within the U.S. and Canada.

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Reports this week suggested that the company was close to a deal to acquire a majority stake in NBC Universal, a television and film outfit.

ECONOMIST: Media

Already, NBC Universal signed a new two-year deal with Netflix allowing it to stream older television programming to subscribers but withholding fresh content.

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