Sept 17 Video technology provider Kit Digital
Inc said it would cut 300 jobs, or 22 percent of its
workforce, in the third quarter to reduce costs.
Kit Digital, whose cloud-based system enables clients to
broadcast digital videos across several devices, expects to
record a restructuring charge of about $4 million in the current
The company, which never made a profit since its 2009 Nasdaq
listing, said it expects to save about $40 million annually in
employee-related expenses from the job cuts that will be
completed by the end of this year.
Kit Digital, which counts technology, entertainment and
media giants such as Google Inc, Hewlett Packard Co
, Disney-ABC, MTV and BBC among its clients, said in June
that it was in talks with several buyers..
The company named shareholder Peter Heiland chief executive
in August, replacing recently appointed CEO Barak Bar-Cohen.
It also lost four directors in March and has recently
appointed a new chief financial officer and a chief technology
Kit Digital shares, which have lost close to 70 percent of
their value in the last one year, closed at $3.01 on the Nasdaq