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Univision to Cancel Programs to Save Money

February 13, 2001|From Bloomberg News

Univision Communications Inc., owner of the top U.S. Spanish-language television network, said it will cancel some programs in response to a "challenging economic environment."

The Los Angeles-based company said it will take a charge of $8 million to $12 million in the first quarter for cost-saving measures that include the cancellation of some programs that are on the air or in development.

The slowing economy has caused other broadcasters, including Walt Disney Co., owner of ABC; and News Corp., owner of the Fox network, to reduce forecasts for ad sales. Univision said it expects cash flow of $420 million to $440 million this year, in line with analysts' forecasts.

Univision shares fell 55 cents to close at $37 Monday on the New York Stock Exchange.

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