March 7 (Reuters) - Spanish language broadcaster Univision Communications Inc is considering replacing Chief Executive Officer Randy Falco, and undertake a business review that could lead to cost cuts, the Wall Street Journal reported on Wednesday, citing sources.

On Tuesday the company withdrew its IPO plans of up to $100 million, blaming rough market conditions for publicly listed media companies. (http://on.wsj.com/2FkL2lL)

The business review could result in cost cuts of up to $200 million, including layoffs. The company aims to improve performance and spruce it up in advance for a potential sale, The Journal reported.

Univision was not immediately available for comment outside regular business hours. (Reporting by Ahmed Farhatha in Bengaluru; editing by Grant McCool)