OpenTV Slashes Workforce
OpenTV, an interactive cable and satellite TV company, is reducing its workforce by 47 percent as the challenging economic conditions begin to bite. Over three hundred positions will be eliminated. The restructuring plan comes only weeks after the acquisition of Wink Communications. OpenTV will close eight regional offices.
OpenTV expects the restructuring initiative will be completed by the end of the first quarter 2003. It expects annualised costs savings of $60 million and cash burn reduction of $48 million beginning in the second quarter of 2003.
James Ackerman, OpenTV’s CEO said, “We believe these cost-cutting measures will result in a more efficient and focused company that will be well-positioned to serve our customers and our goal of achieving long-term growth and profitability.”