Univision said today that it has laid off 20 employees this week, news that came at the end of a wild few days at the Spanish-language broadcaster during which it pulled back its plans to launch an IPO, replaced its CFO, and announced that CEO Randy Falco would retire at year’s end.
“As the media industry rapidly evolves, we are focused on continuing to transform UCI for the future,” a spokesperson said. “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.”
Tension has been on the rise at Univision, which has been facing heightened competition from revitalized rival Telemundo and the macro pressures faced by traditional TV entities.
The IPO was scrapped on Tuesday, with Peter Lori getting the post of CFO replacing Frank Lopez-Balboa as part of the move. The company had been eyeing an IPO since 2015, and the move raised questions about the exit strategy of the private equity firms that control the Hispanic media company.