Spanish Business News

The Spanish media group that owns the nation's leading newspaper, El Pais, says it will cut its global workforce by 18 percent -- dropping about 2,500 jobs.

Grupo Prisa says 2,000 workers will be affected in Spain and 500 will be let go in from operations in the Americas and Portugal. The company currently has 14,000 employees.

Prisa said in a statement Tuesday that it has not ruled out more layoffs for employees based outside Spain.

The layoffs come less than two months after U.S.-based Liberty Acquisitions Holdings Corp. and other investors took control of Prisa in a deal that reduced Prisa's debt.

Prisa owns other newspapers, and television and radio networks. It operates in 22 countries.

Source: Business Week