Univision Lays Off More Than 150 After Scuttled IPO

Univision laid off more than 150 employees company-wide in a major slashing on Thursday, a person familiar with the matter confirmed to TheWrap.

In a statement, the company declined to get into specifics, but did acknowledge that painful cuts had been made to better “navigate and prosper in today’s media landscape.”

“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,” a spokesperson told TheWrap.

Also Read: Gizmodo CEO Steps Down as Company Layoffs Looms

News of the cuts was first reported by The Information late Thursday night

“It was across all of Univision,” another person familiar with the matter told TheWrap early Friday. “The Fusion Media Group marketing team was cut by 7 and about 25 at Fusion TV. The rest was Univision.”

The move comes after the company scrapped plans for an IPO last month and the company’s CEO Randy Falco, announced he would “retire” at the end of this year — considerably earlier than planned, according to the Wall Street Journal.

Also Read: Denver Post Staff Makes Desperate Plea Amid Layoffs: The Paper 'Must Be Saved'

The cuts at Univision were foreshadowed earlier this week when Gizmodo Media Group CEO Raju Narisetti announced he would depart the company. Gizmodo is owned by Univision.

“I had asked to step down as CEO of Gizmodo Media Group and with Univision’s reluctant blessing, will be officially leaving later this month,” said Narisetti in an emotional memo to staff.

“I said in my very first all-hands that I think leading and managing this special group of journalists is a privilege and something I will never take for granted. I want to thank all of you for allowing me the opportunity to be a part of what is an incredible-and ongoing-journalistic journey at GMG.”

Narisetti was tapped to lead Gizmodo in 2016 after the company was acquired by Univision from its troubled former owners at Gawker Media.

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