Univision to Lay Off 6% of Its Workforce

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Univision to Lay Off 6% Of Its Workforce 11.16.2016 Univision will lay off nearly 6 percent of its workforce - between 200 and 250 people - the company confirmed on Wednesday. The trims are "in response to difficult times," Isaac Lee, Univision chief of digital, entertainment and news, told The Washington Post. "Constantly adjusting our scale and our processes is a reality of the business we are all in, and is not unique to us," he said in a memo to staffers, as reported by Deadline. The cuts "come as we look to strategically bring together several distinct digital media companies into one powerful and nimble digital publishing entity, with many distinct passion points for many distinct, growing groups of readers, listeners and viewers." Univision saw a downturn in its third quarter, reporting an 8 percent net loss of $30.5 million on total revenue of $735 million. Univision is restructuring as it tries to serve a younger audience. Last summer, Univision acquired Gawker Media, now called Gizmodo Media Group (GMG), for $135 million, getting the company in a sort of fire sale after it had to pay pro wrestler Hulk Hogan $140 million after posting without permission a sex tape that featured Hogan. Univision is consolidating several acquisitions into the GMG, including former Gawker sites Deadspin, Jezebel, Gizmodo, Lifehacker, Kotaku and Jalopnik. Also being moved into the group are Fusion.net, the website of the millennial-focused TV network by the same name, and The Root, targeted at African-American culture. Raju Narisetti - formerly of The Wall Street Journal, The Washington Post and News Corp. - is GMG's chief executive. Katie Drummond, formerly of Bloomberg.com, has been named executive managing editor, Lee told the Post. Univision is still looking for an editor in chief for GMG, reports Deadline. While the GMG isn't likely to see layoffs, Fusion, which voted last week to unionize with the Writers Guild of America, could see some cuts. Lee told the Post that he had no objection to employees unionizing. Other cuts are expected to come from Univision's business and editorial staffs. READ MORE: The Washington Post, Deadline [Image of courtesy of The Washington Post].

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Press Release Univision Communications Inc
PRESS RELEASE UNIVISION COMMUNICATIONS INC. Investor Contact: Media Contact: Adam Shippee Bobby Amirshahi (646) 560-4992 646-560-4902 [email protected] [email protected] Univision Communications Inc. Univision Communications Inc. UNIVISION COMMUNICATIONS INC. TO HOST Q2 2018 CONFERENCE CALL ON AUGUST 9, 2018 NEW YORK – AUGUST 2, 2018 – Univision Communications Inc. (UCI), the leading media company serving Hispanic America, will conduct a conference call to discuss its second quarter 2018 financial results at 11:00 a.m. ET/8:00 a.m. PT on Thursday, August 9, 2018. A press release summarizing its second quarter 2018 financial results will be available on UCI’s website at investors.univision.net/financial-reports/quarterly-reports before market opens on Thursday, August 9, 2018. To participate in the conference call, please dial (866) 858-0462 (within U.S.) or (360) 562-9850 (outside U.S.) fifteen minutes prior to the start of the call and provide the following pass code: 5289787. A playback of the conference call will be available beginning at 2:00 p.m. ET, Thursday, August 9, 2018, through Thursday, August 23, 2018. To access the playback, please dial (855) 859-2056 (within U.S.) or (404) 537-3406 (outside U.S.) and enter reservation number 5289787. About Univision Communications Inc. Univision Communications Inc. (UCI) is the leading media company serving Hispanic America. The Company, a chief content creator in the U.S., includes Univision Network, one of the top networks in the U.S. regardless of language and the most-watched Spanish-language broadcast television network in the country, available in approximately 88% of U.S.
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Michelle Chiang
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Leading Television Broadcasters Name John Hane President of Spectrum Consortium
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Thesis (844.6Kb)
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