Univision lays off 6% of workforce
Univision Communications Inc., the nation’s largest Spanish-language broadcaster, on Friday became the latest media company to cut its ranks because of the weakening economy and a sharp downturn in advertising spending.
A spokeswoman said the company, which owns the top-rated Los Angeles station, KMEX-TV Channel 34, had laid off 300 people, or 6% of its workers. It was unclear how many jobs would be lost locally.
The New York company also canceled its weekend newscast, “Primer Impacto Fin de Semana.”
“Univision has been working aggressively to bring its cost structure in line with the current environment,” the company said. “While it is extremely difficult to lose valued employees, we are confident that the steps we are taking will make us more efficient in the short term and better positioned for growth in the long term.”
Univision is burdened with enormous debt payments. A leveraged buyout two years ago by a group of private investors saddled it with $10 billion in debt.