Comcast Making Cuts, And So Will Avid10/24/2008 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.