Spanish Media Conglom Prisa to Cut 2,500 Jobs
Spain's biggest media group said it would eliminate 18% of its staff in Spain and Portugal.
MADRID -- Spanish media conglomerate Prisa will cut 2,500 jobs, 18% of its staff, as part of an overall restructuring of the company to maintain a competitive edge in the hard-hit media sector.
Cash-strapped Prisa said it would eliminate 2,000 posts in Spain and 500 in Portugal and Latin America by dismissals, early retirements, externalizing self-employed contracts and other incentives.
"This process takes place within the framework produced in the media and content sector," the company said in a statement, "which makes it necessary to transform Prisa into a new company, focused not only on production and distribution of content in Spanish and Portuguese, but in knowledge of each of the its groups of interest and the use of new technologies. For that reason, Prisa must modernize its production and business model to guarantee the future of the company."
U.S. investment company Liberty Acquisitions Holding took a majority stake in the Spanish giant last year.