MediaBay Cuts 17% of Work Force
MediaBay Inc., a seller of audio books and classic radio and TV shows whose shares have fallen 54% this year, fired 14 people, or 17% of its work force, as it tries to become profitable.
The owner of Audio Book Club began making the cuts in November, Chief Financial Officer John Levy said. The total includes six managers and two consultants. MediaBay now employs 68 full-time workers.
The Cedar Knolls, N.J.-based company said its first-quarter loss, excluding an income tax benefit, was $2.4 million, or 17 cents a share.
MediaBay shares rose 3 cents to close at 74 cents on Nasdaq.
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