Univision Lays Off 20 Amid Company Restructuring

Spanish-language broadcaster scrapped plans for an IPO earlier this week

Last Updated: March 9, 2018 @ 3:23 PM

Univision has laid off 20 employees after scrapping plans to go public earlier this week.

The cuts are part of a larger company restructuring, and includes staffers from Fusion Media Group, the division consisting of the namesake network as well as media properties such as The Onion and Gizmodo Media Group.

“As the media industry rapidly evolves, we are focused on continuing to transform UCI for the future,” the company said in a statement. “As part of this process, we have recently taken steps to realign parts of our operations and reallocate resources to invest in growth that will best serve our audiences, community and partners. This week, 20 positions were eliminated across various UCI business units.”

On Wednesday, Univision CEO Randy Falco announced plans to retire at the end of the year, following a report from the Wall Street Journal that the board had made plans to replace him and restructure the company.

The company withdrew longstanding plans for an initial public offering earlier this week, citing unfavorable market conditions. As first reported by the Hollywood Reporter, CFO Francisco Lopez-Balboa, who was brought on by the Spanish-language broadcaster in 2015 to assist with a potential IPO, was the first to exit.