MediaPro temporarily suspends 1,200; cuts Executives’ salaries: Reports

MediaPro,Sports Business News,Sports Business,Coronavirus,MediaPro’s broadcast

The growing Coronavirus menace in Spain has compelled media giant MediaPro to temporarily suspended more than 1,200 employees. Highest paid executives’ salaries have been slashed by 50% to deal with the COVID-19 impact on the business.

The Temporary Employment Regulation File notices have been given only to employees in Spain out of the multinational company’s 7,000-strong workforce in nearly 60 countries.

The news, widely covered in media, was first reported by EuropaPress.

Also Read: Sports Business: Discovery, NBC count economic impact of postponed Games

The MediaPro temporary measure will make the staff eligible for State-backed unemployment benefits. The scheme reportedly applied to employees whose salary package does not exceed €1,500.

“The MediaPro ERTE is a necessary decision to preserve the company’s activity and the maximum number of jobs possible faced with the shut down the pandemic implied. When the company returns to normal activity, these workers will return to their posts,” SportBusiness has quoted MediaPro as saying.

“In addition, we also supplement the State subsidy for these workers.”

The MediaPro Studio, which is rapidly growing its presence in global market, is headquartered in Barcelona with10 creative offices around the world.

The studio, with $226m (€200m) funds, is in the business of producing series, films, shows, short formats and documentaries in Spain, Italy, Portugal, the UK, Finland, Colombia, Mexico, Argentina, Chile, the US and the Middle East.

MediaPro’s broadcast interests include Sky, HBO.

Also Read: Sports Business: APAC sports media revenue to fall short by $2 bn