Univision lays off 20 including top Fusion Media Group execs

Univision Communications has laid off 20 employees across various business units after the Spanish-language broadcaster decided to cancel its IPO plans.

Some of the layoffs affect Fusion Media Group, the business unit inside Univision that contains the Fusion TV network as well as digital publishing businesses including The Onion, Gizmodo Media Group and The Root. Fusion Media Group’s CEO Felipe Holguin and president and chief content officer Daniel Eilemberg are leaving the company, according to sources with direct knowledge of the matter. Other key executives within Fusion Media Group may also leave the company as a result of these cuts.

In a statement, Univision did not specify which specific roles were being cut, but said, “As the media industry rapidly evolves, we are focused on continuing to transform [Univision Communications Inc.] for the future. 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.”

The layoffs come as Univision is looking to cut costs — and search for a new CEO — after canceling plans to go public, according to The Wall Street Journal. Last month, Fusion reportedly laid off employees who worked on “The Naked Truth” documentary series. Univision’s news division also underwent a round of layoffs around the same time.

Univision is a privately held company with investors that include billionaire Haim Saban. The company’s decision to not pursue its long-planned IPO led to the departure of CFO Frank Lopez-Balboa, the Journal reported earlier this week.

https://digiday.com/?p=279190

More in Future of TV

Future of TV Briefing: How outcome-based measurement may figure into this year’s upfront market

This week’s Future of TV Briefing looks at how business outcome measurement and guarantees may figure into this year’s upfront market.

Future of TV Briefing: How TV and streaming companies’ advertising and subscription businesses fared in Q4 2023

This week’s Future of TV Briefing looks at what TV and streaming companies’ latest quarterly earnings reports indicate about the state of the business.

Future of TV Briefing: DoubleVerify and Roku uncover CTV ad fraud scheme costing advertisers $7.5M per month

This week’s Future of TV Briefing looks at a connected TV ad fraud scheme uncovered by DoubleVerify and Roku that’s been siphoning an estimated $7.5 million per month from advertisers.