300 employees laid off by Univision
Univision Communications has laid off 300 of its employees, a spokeswoman for the U.S. media group says.
An unidentified spokeswoman for the Spanish-language company said the company was forced to cut nearly 6 percent of its overall work force due, in part, to the recession gripping the United States, The Hollywood Reporter said Friday.
Given the continued economic challenges facing the country and downward pressure this has caused on advertising-related businesses, Univision has been working aggressively to bring its cost structure in line with the current environment, the spokeswoman said.
Like many in our industry and across most sectors, we are reducing our work force.
The media group is facing debt maturities, the Reporter said.
Univision, which includes television stations, a radio network and music divisioin, is owned by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Haim Saban.