Internet investor CMGI , which has been cutting jobs at its operating companies to offset flagging revenues, is slashing nearly half its corporate staff.
In all, 95 employees will be pink-slipped, most from the company’s Andover, Mass., headquarters. The reductions represent 45 percent of the CMGI’s corporate
staff and slightly less than 4 percent of the total workforce counting its subsidiaries.
“The positions are across a number of disciplines,” said Deidre Moore, a CMGI spokeswoman.
Most workers will receive pay and benefits for the next 60 days, unless their contracts stipulate a longer severance period, Moore said.
There is currently no estimate for cost-savings or the restructuring charge that will result from the move. Those numbers will likely be detailed in the company’s next earnings call in mid-March.
In the last 18 months, reducing expenses has been paramount for the one-time Nasdaq high-flier which owns search engine AltaVista and marketing technology play Engage .
“This corporate re-sizing represents progress in our efforts to reduce costs and achieve operating profitability for CMGI and our core businesses,” David
Wetherell, CMGI chairman and CEO, said in a statement.
News of the cuts was announced after markets closed. Earlier, shares of CMGI shed 0.03, about 1 percent, to 2. In the last 52 weeks, the issue has ranged from 6
to 7.9375.