Tuesday, 25 January 2011

El País faces swingeing job cuts | Media | The Guardian

21:46 | ,

Sweeping job cuts will hit Spain's premier daily newspaper, El País, and all outlets of its owner, the country's mighty Prisa media group, following the sale of a majority stake to a group of US-based investors led by Briton Martin Franklin.

The company will cut 2,500 employees, or 18% of its workforce, over the coming year, it said in a statement today. The cuts will fall 'in all countries and all areas', meaning workers at venerable left-wing daily El País will take their share of the pain.

The cuts mark a definitive end to more than three decades of comparatively benign and paternalistic ownership by the Prisa group's founding Polanco family. Among the new faces on the committee that approved the cuts on Friday was Franklin, a serial entrepreneur based in New York.

The Polanco family ceded a controlling share in Prisa to investors in cash shell Liberty Acquisitions Holdings, formed by Franklin and the so-called 'homeless billionaire' Nicolas Berggruen, in December."

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