Univision Axes 300 Jobs
The jobs cull, which equates to 6% of Univision's workforce, began late last year when several of the company's executives were trimmed. Over the weekend, it emerged that 23 television employees at Univision's Puerto Rico affiliate would be axed, including journalists, videographers and technicians who worked on the nightly news show, which is being halved to 30 minutes as a cost-cutting measure.
The cutbacks come after a period of financial difficulties for Univision. While it was able to settle a royalties dispute with Televisa that allowed it to keep its staple Televisa-produced telenovelas on air, the US network was forced to pay the Mexican TV powerhouse US$65m per annum in free advertising for the next nine years, as well as a US$25m cash settlement.
"Univision has been working aggressively to bring its cost structure in line with the current environment," the company said in a statement. "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."
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