Spain's ONO lays off 30%

Spanish cable giant ONO has said it will be seeking to lay off 1300 staff. Currently ONO has some 4300 employees. ONO blamed the "drastic" Spanish economy and the depressed economic outlook.

The staff unions are calling for a day of action to oppose the cuts on November 5. However, the move is just one of a far-reaching plan to cut costs. ONO has 1.87m subscribers, and is backed by a number of banks and private equity institutions including CCMP Capital Advisors (15.2%), Providence Equity (15.2%) and Thomas H Lee (15.2%).