Entravision to Reduce Workforce, Implement Cost Cutting
|RADIO ONLINE | Wednesday, April 11, 2018|
In an 8k filing with the SEC, Spanish-language broadcaster Entravision Communications said it's undertaking an "extensive review" of its business in order to more efficiently align its operations and reduce costs. As part of the cost reduction, the company has implemented a reduction in workforce and what it calls "other discretionary expense cuts."
Entravision expects to recognize a charge of $750,000 in the second quarter of 2018 for severance costs related to these actions. Additionally, the company anticipates that these actions will result in $8 million in annualized savings beginning in the second quarter of 2018.
The company first disclosed the moves in its fourth quarter and full year 2017 financial results teleconference on March 14.