Univision Communications has laid off more than 150 employees as it continues to restructure its business.
The new round of layoffs comes on top of 20 layoffs that were announced just last month, which coincided with the news of the early departure of CEO Randy Falco. The privately held company has been under pressure after scrapping plans for an IPO, with special focus on Fusion, the digital media platform targeting millennials.
In a statement, the company said the new round of layoffs were part of a “multi-year transformation” of the company’s operations.
“We are focused on challenging ourselves to pursue strategies that strengthen our competitive edge and best position us for the future,” the company said Friday. “As part of this process, we have made the difficult decision to eliminate some positions across various UCI business units. We are taking steps necessary for our business to continue to thrive, but we will never compromise our duty and purpose to inform, entertain and empower our community, which is more important today than ever before.”
Univision has billions in debt left from its leveraged buyout a decade ago, and is struggling with the same headwinds facing all linear operators. The company also made an aggressive play for millennials by acquiring the former Gawker Media sites, which are now known as the Gizmodo Media Group, a subsidiary of Fusion. The Wall Street Journal reported last month that a consulting firm had recommended a 35% cut at Fusion.
The CEO of Gizmodo Media Group, Raju Narisetti, announced earlier this week that he would be leaving the company by the end of the month in anticipation of steep cutbacks. The president and CEO of Fusion Media Group also left the company last month.
The layoffs were first reported by the Information.