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RealTime IT News

MTVi Cuts Workforce by 25 Percent

MTVi, an online music entertainment company, cut its staff significantly on Wednesday, eliminating 105 positions.

By terminating editorial, technology and marketing personnel, the company has reduced its staff by 25 percent, according to published reports.

The layoffs are speculated to be part of the aftermath from parent company Viacom's recent merger with CBS.

To compile matters, MTVi lost $46.4 million on revenues of $18.2 million, according to regulatory filings.

An IPO for MTVi is nowhere in sight, according to sources.

This is the latest indication that online entertainment companies are find the Net to be a hard row to hoe. For instance, Disney recently relaunched its go.com site after a nine-month makeover. The site was redesigned to streamline content, lure viewers and attract advertisers. Meanwhile NBCi recently relaunched its Web site and refined its business, product and branding strategies.

The reorganization at MTVi -- which includes VH1.com, MTV.com and SonicNet -- aims to bring the Internet and cable programming units closer together and offer programming suitable to the dual mediums.

Calls to MTVi for comment went unreturned.



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