Univision Lays Off Staffers After Scrapping IPO
The company, which employs 4,000 people, confirmed 20 layoffs.
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.
The layoffs come during a week when Univision scrapped plans for an initial public offering, replaced its CFO and announced that CEO Randy Falco would retire at year's end, even though he recently extended his contract until Jan. 31, 2020.
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.
Fusion Media Group consists of the Fusion TV channel along with satirical outlet The Onion, African-American online magazine The Root and Gizmodo Media Group, which used to be 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.
"As the media industry rapidly evolves, we are focused on continuing to transform [Univision] for the future," the company said in a statement emailed to The Hollywood Reporter. "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."