Written by Chris Albrecht
Posted Friday, February 13, 2009 at 2:18 PM PT

Move Networks Lays Off 30 Percent

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.

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Topic: Money & Power, Startups

Comments (1)

Perhaps someone should check their math. When a company goes from 132 employees down to 78 I’d say that’s a little more than 30% of the staff. John Edwards stated in the post layoff meeting to the 78 remaining employees that he is stepping aside, allowing the 4 member board of Dan, Doug, Drew and John to run move while they look for a new CEO through an exec search firm. People let go include he COO, Head of Sales, and nearly all sales employees, tons of engineers, support staff, and on and on…

Billy Bob the Insider — 4:24 PM on February 18, 2009 Reply

Linkbacks (6)

[...] Networks, another Benchmark portfolio company, has cut 30 percent of its staff. [...]

What’s Worth Reading Today — 3:26 PM on February 13, 2009
[...] Networks, another Benchmark portfolio company, has cut 30 percent of its staff. [...]

What’s Worth Reading Today | The Click — 11:10 PM on February 14, 2009
[...] confirmed that Move is seeking a new CEO and had reduced headcount and pared down its projects. “In a market where there’s a lot of disruption and [...]

GridNetworks Close to Sale, Move Networks… — 11:55 AM on March 25, 2009
[...] has made layoffs and is currently seeking a replacement for its CEO. The company has raised $68 million from [...]

Move Networks Acquires Inuk for Broadcast… — 11:35 AM on April 22, 2009
[...] CEO Edwards was named executive chairman of the board of directors in February, according to a statement provided to NewTeeVee at the [...]

Move Networks Names Roxanne Austin CEO — 1:02 PM on July 13, 2009
[...] CEO Edwards was named executive chairman of the board of directors in February, according to a statement provided to NewTeeVee at the [...]

Move Networks Names Roxanne Austin CEO «… — 4:10 AM on July 14, 2009