Skip to main content

El Sitio


, an Internet media company targeting Spanish and Portuguese speakers in Latin America and the U.S., will eliminate 25% of its workforce.

The company said it is cutting the jobs as it works toward

completing the merger with

Ibero American Media Partners

. In October, El Sitio, which is based in Buenos Aires, said it would merge with Latin American cable television and Internet provider Ibero American, a joint venture of

Cisneros Group


Scroll to Continue

TheStreet Recommends

Hicks Muse Tate & Furst

. The combined entity will be called

Claxson Interactive Group


El Sitio, which employs about 325 people according to data from

Market Guide

, said the job cuts are designed to eliminate overlap, particularly in the areas of marketing and advertising, sales, corporate and administration.

Shares of El Sitio were unchanged at $1.50 in recent