El Sitio

(LCTO)

, 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

and

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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

Nasdaq

trading.