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IN BRIEF / Technology

Loudeye to Cut 37% of Jobs, Including CFO's

June 25, 2002|Bloomberg News

Loudeye Corp., a maker of software to broadcast audio and video over the Internet, will fire about 37% of its work force, including the chief financial officer, and is reducing executive pay to trim expenses by more than $10.2 million annually.

The steps will cost about $1.7 million in the second quarter, the company said.

Loudeye will be left with about 130 employees in Seattle, New York and Los Angeles.

Executives at Seattle-based Loudeye agreed to a 10% pay cut. Controller Jerry Goade will be interim CFO, replacing Brad Berg, the company said. Berg joined Loudeye in October 2000.

Loudeye's shares fell 2 cents, or 5%, to 35 cents on Nasdaq.

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