Business News
Spanish media group Prisa to slash 2,500 jobs
Jan 25, 2011, 15:18 GMT
Madrid - The debt-ridden Spanish media conglomerate Prisa is to slash 2,500 jobs, amounting to 18 per cent of its staff, the company said Tuesday.
Prisa told the stock market watchdog CNMV that the cuts would affect 2,000 employees in Spain and 500 in Portugal and the Americas.
The job cuts were to be carried out through arrangements such as incentives or early retirement by 2012. Prisa said they were part of a restructuring drive made necessary by recent developments in the media market.
In 2010, the US investment company Liberty Acquisition Holdings bought a majority stake in Prisa, Spain's biggest media group and owner of El Pais, the country's top daily.
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