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Comcast Making Cuts, And So Will Avid

10/24/2008 08:00:00 PM Eastern

Comcast Spotlight, the ad sales arm of the cable giant, is cutting more jobs, a spokesman confirmed. Last week, Comcast Cable company-wide cut 300 jobs.

The latest Spotlight cuts are in addition to ones that unit made a couple of months ago.

Also, editing and video storage supplier Avid posted a net loss for the third quarter of $66.4 million, or $1.80 per share, compared to a net lost of $5.9 million, or 14 cents per share, for the same period in 2007.

It also announced that it will be eliminating 500 positions, representing 20% of its work force. The company will take a restructuring charge of roughly $21-$24 million.

 

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