, 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
Hicks Muse Tate & Furst
. The combined entity will be called
Claxson Interactive Group
El Sitio, which employs about 325 people according to data from
, 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