The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Programming And Broadcasting Activities 60 - Programming and broadcasting activities
114 - 170 jobs Number of planned job losses
Announcement Date
13 May 2004
Employment effect (start)
Foreseen end date
Description
Onda Cero, nation-wide entertainment radio channel owned by Grupo Antena 3, had been condemned by the National Court of Justice to pay 193 million euros to Radio Blanca, a music radio channel. In the last years Onda Cero agreed with Radio Blanca to pay a fixed amount for each radio listener, but finally did not commit to the contract due to the spectacular and unforeseeable increase of the number of Radio Blanca listeners. Therefore Radio Blanca decided to raise the case to the National Court of Justice. Grupo Antena 3, the Matrix of the company, had announced several measures in order to assume its responsibility for the payment. Concerning Labour, the measures were to dismiss 170 of Onda Cero´s workforce. Final agreement between the management of Onda Cero and Labour Representatives has seen 114 dismissals out of its 876 employees, which represents 13% of the company´s workforce.
Sources
13 May 2004: La Gaceta de los Negocios
Citation
Eurofound (2004), Onda Cero, Internal restructuring in Spain, factsheet number 60344, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60344.
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