Univision Communications will cut six percent of its workforce, around 200 to 250 people, the Washington Post reports.
The cuts come after the Spanish-language media giant fell into the red last quarter with a net loss of $30.5 million, down from a profit of $109.8 million last year, a 8.3 percent dip in revenues falling to $734.8 million.
Cuts will be made Fusion Media Group, a news and satire site for multicultural millennials. This news comes at a difficult time, as just last week staff at Fusion.net had voted to join the Writers Guild of America. However, all affected employees will receive transition benefits, Chief News, Entertainment & Digital Officer Isaac Lee said in a memo to employees.
Cuts will not be made at Gizmodo Media Group properties, which Univision bought in September, and The Root, formerly a part of The Washington Post.
In addition to the layoffs, the company also announced restructuring plans such as the creation of a digital investigative team, merging Fusion.net and TheRoot.com under the Gizmodo Media Group, and increasing video production.
