NYT online blues
The online division of the New York Times was caught unawares by low ad revenues and has had to lay off 17 per cent of its workforce as a result. The job cuts, totalling 69, are reported to be across the board and will save the publisher $6 million. The cuts are needed to reach profitability by 2002.
eBay Inc is to acquire a majority stake in Internet Auction Co. Ltd., Korea's largest auction-style web site for $120 million in cash. Korea is the second largest online market in Asia.
Online bookmaker Sportingbet.com is taking a calculated gamble by pushing forward plans to list on AIM at a time when markets are taking a negative view of Internet stock. The FT reports that the Ofex-listed firm, whose most recent pre-tax losses were £3.5 million, will publish a prospectus next week and hopes to begin trading on AIM before the end of the month. The float could raise between £35-£40 million.
Primal Pictures, a software company developing a 3D map of the human body, is looking for additional funding of £3 million before its planned float early next year. The company grew out of research at University College
Verity GB, a provider of back-end Web portal software, has reported record revenues of $34.5 million for its second fiscal quarter. Software product revenues made up 74 per cent of the total, and at $25.6 million were up 153 per cent on the previous year. The company reported net income just over $8 million.
RSL COM is trying to reposition itself as a specialist business services provider. The company has sold has sold 70 per cent of its consumer mobile customers to BT Cellnet and says it will use the extra cash to invest in its UK network. It will launch broadband Internet and IP services in Q1 this year. ®
Netpartnering.com, a London-based company which builds online channels for big companies, is gunning for an IPO, either in London or on the Neuer Markt within six months, The Sunday Telegraph reports. Set up nine months ago, by HP's former head of ecommerce in Europe, the company is aiming to raise E20m in a second round of financing.
Cash Reg - a shining light in a very dismal world.