“The turmoil at Univision Communications continued Friday when the Spanish-language broadcaster handed out pink slips to 20 workers, including several at its Fusion Media Group, where many of the English-language assets reside,” according to The Hollywood Reporter.
“The layoffs come during a week when Univision scrapped plans for an initial public offering, replaced its CFO and announced that its CEO would retire at year’s end, even though he recently extended his contract until Jan. 31, 2020,” the report notes. “Univision, which was taken private for about $14 billion a decade ago, is now for sale, as investors like Haim Saban and some private equity firms seek a profit on their investment, but some people close to the company say Univision could first spin Fusion Media Group out and sell that separately.”
As we reported earlier this week, Univision CEO Randy Falco, who spent more than 30 years at NBC, will retire by the end of this year after joining Univision in 2011.
The THR report notes that Fusion Media Group consists of the Fusion TV channel, the satirical outlet The Onion, African-American online magazine The Root and Gizmodo Media Group, formerly known as Gawker Media Group.
“Univision, which employs 4,000 people, confirmed the 20 layoffs but it would not specify how many were from Fusion Media Group and how many came from other parts of the company,” THR reports.
The publication quotes a statement provided by Univision to THR saying: “As the media industry rapidly evolves, we are focused on continuing to transform [Univision] for the future. As part of this process, we have recently taken steps to realign parts of our operations and reallocate resources to invest in growth that will best serve our audiences, community and partners. This week, 20 positions were eliminated across various [Univision] business units.”