EmptyLAYOFFS AT TVB
In what TVB GM Stephen Chan Chi-wan termed a "painful decision," the Hong Kong broadcaster on Monday announced a 7% reduction in its work force, local media reported. The move will eliminate 200 staffers across "all departments and levels," Chan said, with the production department expected to be hit hardest.
TW SEEKS SPLITS
Time Warner is asking shareholders to vote for a reverse stock split that could happen after it separates from its Time Warner Cable unit, an event that would knock down the price of TW stock. A special meeting of stockholders is set for Jan. 16 in New York, where investors will be asked to vote on a reverse split in a ratio of either 1-for-2 or 1-for-3.
Liberal news blog the Huffington Post said Monday that it has secured $25 million in funding from Oak Investment Partners. The company said it will use the money to "invest in its technology and infrastructure, increase its in-house advertising capabilities and continue to expand its content offerings, including a new investigative journalism initiative and a rollout of local versions of the Huffington Post in select cities."
Music merchandisers weren't sharing the optimism of most retailers during Thanksgiving weekend. Music sales were down from 10%-30%, and new albums by Kanye West and Guns N' Roses came in far below expectations. Big box retailers reported that hit sales were off 30%-40%.