Citing “the challenging economic environment,” interactive television (ITV) software provider OpenTV, is consolidating its operations, eliminating approximately 47 percent of its total workforce and closing eight regional sales and support offices. The global cost cutting will be completed by the end of the first quarter of 2003.
Coming on the heels of the company’s recent acquisition of Wink Communications from Liberty Media, OpenTV said it would reduce its overall headcount by 315 positions and make other cuts to lower expenses significantly. The company estimates it will realize an annualized cost savings and a cash burn reduction of approximately $60 million and $48 million, respectively, beginning in the second quarter of 2003.
Wink will continue to operate as a separate subsidiary of OpenTV and will be an important part of the company’s ongoing ITV strategy.
For more information visit www.opentv.com.
Get the TV Tech Newsletter
The professional video industry's #1 source for news, trends and product and tech information. Sign up below.