Layoffs, abandoned projects at A-Media

Russian series producer further reducing work force

MOSCOW -- Russian TV series producer A-Media said Tuesday that it is suspending 70 of its projects, in which $14 million has already been invested, and laying off 80% of its staff.

The company explained the decision by pointing to the imminent financial crisis, which will negatively affect ad revenue of the major TV channels, in turn hitting the TV series market.

Since early summer, the company's staff has been cut from 150 to 30 people. A-Media accounts for 15%-20% of Russia's TV series market.