Globo Cabo, the largest cable television company in Brazil, plans to cut about 20% of its workforce to combat rising debt costs and other expenses.

About 1,200 employees will be laid off from the Brazilian firm, which also plans to reduce spending on infrastructure and find other cost-cutting opportunities. Globo Cabo hopes to save about $42 million annually, or about 10% of the company's total expenses. The measures were instituted after a 20% slide in Brazil's currency, the real.

The company has been squeezed from all sides, as a large part of its costs, such as programming and satellite agreements, are pegged to the dollar, but its revenue is real-denominated, Globo's CEO Moyses Pluciennik told Reuters.

Brazil's energy worries have also taken a toll on the economy there, leading Globo to reduce its expectations for customer growth.

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