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UPDATE: Dan Rayburn has updated information from Move about the layoffs. From his updated post:
I’ve now heard back from Move Networks and can confirm that CEO John Edwards is still the CEO of the company. In addition, John has now been named executive chairman of the board of directors. Move says 30% of the company has been laid off and they “are making the necessary adjustments and planning appropriately to get to profitability more quickly.”
Dan Rayburn’s BusinessofVideo.com has confirmed earlier rumors that Move Networks had some layoffs today, including possibly that of CEO John Edwards. There aren’t many details, but layoffs appear to be happening across its North American offices and not just at the Utah HQ.
Move had raised $68 million to date, including a $46 million Series C round back in April of last year. Around that same time, Move integrated its adaptive streaming technology into Microsoft’s Silverlight, removing the need to download Move’s plug-in. On its site, Move lists ABC, FOX, the CW, ESPN, Televisa and Oprah as clients.
We also received the following in an email from Move PR:
Move Networks has restructured to capitalize on the tremendous momentum we already have in place. Move is one of many good companies that, during these tough economic times, is making difficult, but appropriate decisions. We are making the necessary adjustments and planning appropriately to get to profitability more quickly.
- Our intent is to get the company to profitability more quickly and to continue to strengthen the balance sheet of the company on a go-forward basis.
- Unfortunately, approximately 30% of the workforce has been let go.
- These movements only renew our commitment to our customers that we are and will continue to be their long-term provider of Internet television services for the profitable monetization of premium content. Our new team is built around servicing our customers even more effectively than in the past.
- We will continue to deliver on our commitments and industry-leading service.