Excite@Home Corp., the troubled Internet content and high-speed service provider, said it would cut 25% of its staff and close some operations to save costs as it looks for a way to survive.
The company, which is controlled by AT&T Corp. and has been struggling under mounting debt and sagging revenue, said it will close its MatchLogic interactive marketing subsidiary and "refine" the Excite.com portal.
The planned layoffs, amounting to 500 jobs, will be made over the next three months, it said.
The company has been trying to sell many of its media assets, which have been hurt by the soft online advertising market. However, it has not found any buyers and has burned through a lot of cash in recent months operating those troubled units.
Shares of At Home Corp., which does business as Excite@Home, fell 6 cents to close at 27 cents on Nasdaq. AT&T shares rose 94 cents to $17.95 on the NYSE.