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Disney Internet Group to Fire 135 in Latest Round of Cuts to Curb Losses

February 27, 2001|From Bloomberg News

Walt Disney Internet Group, whose Web sites include Disney.com and ESPN.com, said it's firing 135 workers, mostly from its technology organization and its ABCNews.com and ABC.com Web sites, as it cuts costs in its drive to turn a profit. The latest round of job cuts is in addition to 400 firings that Disney Internet announced last month, when it said it would shut down its Go.com Internet search site. Disney Internet will be left with about 1,500 employees after the latest cuts, spokeswoman Michelle Bergman said. The firings come after Walt Disney Co., the second-largest U.S. media company, said last month that it will buy the 28% stake it doesn't already own in its Internet unit. Disney Internet's loss widened to $351.7 million in its first fiscal quarter ending Dec. 31. Disney Internet shares on Monday rose 16 cents to $5.96, while Disney shares rose $1.10 cents to $31.40, both on the New York Stock Exchange.

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