Spain Grupo Prisa, the owner of several U.S. Hispanic and Latin American media companies, announced an executive reshuffle. The changes in the company’s leadership include Andres Cardo’s new position leading the International Business of Prisa Radio. In addition, José Luis Sainz was appointed as the new CEO of Prisa Radio. Sainz succeeds Javier Pons. Prisa also announced that Sainz will merge his current executive position at Prisa Noticias with his new position in Prisa Radio.
The reorganization aims to make the company more efficient as well as strengthen management and business development in Latin America, said Fernando Abril Martorell, Chairman of the Board of Grupo Prisa.
In addition to the management changes, Grupo Prisa recently announced a new round of job cuts in El Pais newspaper as well as in its financial daily Cinco Dias, magazine publisher Progresa and other units of the company. Prisa’s debt amounts to more than US $3.5 billion.
Spain’s deep economic crisis is taking a heavy toll on its media companies. Unidad Editorial, publisher of El Mundo newspaper as well as the sports newspaper Marca, also announced layoffs recently. While Vocento, publisher of ABC newspaper, announced a reduction in salaries.