A (Real) Management Reshuffle
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Expanded legal costs related to its antitrust suit against rival Microsoft has pushed Seattle-based digital media specialists RealNetworks
deeper in the red.
The company on Wednesday announced that first quarter net losses reached $10.4 million (6 cents per share), much wider than the $2.8 million net loss during the same year-ago quarter.
The weaker financial results follow a move by RealNetworks last December to file an antitrust lawsuit against Microsoft
, alleging that the software giant used its Windows monopoly to thwart competition among digital media distribution firms.
The company also announced a management shake-up that includes the departure of president Lawrence Jacobson, who ran RealNetworks' international operations. Dan Sheeran, a vice president in the marketing department, will make the move to the company's international division.
Edmund Mesrobian has been promoted to VP and chief technical officer and will be charged with driving the creation of Real's media service application platform. The company said Savino Ferrales would join the management team as senior VP, human resources.
The management reshuffle also included the promotion of Karim Meghji to vice president of the video services division.