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.
More in Future of TV
Research Briefing: YouTube commands marketing spend on ad-supported streaming services
In this week’s Digiday+ Research Briefing, we examine how YouTube commands the majority of marketers’ ad placements and ad budgets among ad-supported streaming services, how fewer publishers plan on growing their events business, and how ads are coming to Meta’s Threads platform sooner than expected, as seen in recent data from Digiday+ Research.
Future of TV Briefing: Sneak peek at ‘The Future of TV’ video series
This week’s Future of TV Briefing looks at the upcoming “The Future of TV” video series, which will debut next week and explore the state of the streaming ad industry.
Digiday+ Research: A guide to ad-supported streaming services, from the top platforms to marketing spend
The first installment of Digiday’s two-part series on the top ad-supported streaming services provides an overview of the platforms’ offerings and an analysis of how brands and agencies distribute their ad budgets and ad placements across platforms.