Hundreds of job cuts loom after 20 senior execs depart Mediapro Group

Mediapro Group’s headquarters in Barcelona

Barcelona-based audiovisual conglomerate Mediapro Group is preparing to implement an employment regulation plan (ERE) that will affect around 250 staff in Spain.

Mediapro employs more than 6,800 people worldwide, with most of its workforce based in Madrid and Barcelona.

However, the company yesterday informed union representatives of its intention to implement the ERE, a legal mechanism that allows a company to carry out collective lay-offs, suspend contracts or reduce working hours.

According to a representative for the group speaking to C21’s Spanish-language sister publication Cveintiuno, the measure will affect “far fewer” workers than the figure that had been speculated. In December, local media reported that Mediapro was planning an ERE that could affect up to 1,000 jobs.

Mediapro said the lower figure was achieved thanks to the implementation of “an internal efficiency plan that is delivering results” and “the exit of around 20 senior executives from the company.”

Recent senior departures include MD Laura Fernández Espeso, director of business Miguel Cardenal, director-general of brands Julián Fernández and Professional Video Game League president Jordi Soler.

In addition, director and producer Daniel Burman left The Mediapro Studio in February, although in his case to take up the leadership of original content for Disney+ in Latin America.

The measures form part of the restructuring being implemented by Mediapro Group’s new leadership team, headed since January 1 by president Sergio Oslé and CEO Carlos Núñez.

The appointments came after group co-founder Tatxo Benet stepped down as president in October, two years after the departure of fellow co-founder Jaume Roures.

Mediapro is owned by Chinese investment fund Southwind Media Capital (part of Orient Hontai Capital). The company operates from 50 offices across 28 countries and is the parent company of The Mediapro Studio, the production and distribution division under which companies such as Globomedia, 100 Balas and El Terrat in Spain, and Cimarrón in Uruguay operate.

In 2024, the latest financial year reported, the group posted revenue of €1.068bn (US$1.245bn), down 10% year on year, and EBITDA of €182m (down 30%). Losses reached €71m.