After months of rumors that it was losing money, the management of TeleMontecarlo has unveiled a restructuring plan designed to put it back into the black by 1995.

The plan calls for extensive staff cuts and greatly reduced spending on production and acquisitions.

Several exex resigned in protest.

TM’s owners, Brazil’s Rede Globo and Italy’s Ferruzzi Group, are reluctant to sink further coin into this small national web, which is said to be losing some $ 68 million annually.

TM managing director Dionisio Poli, editorial director Riccardo Pereira and news chief Roberto Quintini turned in their resignations Tuesday after a board meeting in which new network prexy Carlo Maria Colombo announced the restructuring plans.

The three exiting exex were all appointed by Rede Globo, so the turnover is akin to a changing of the guard — it looks as if Rede Globo has thrown in the towel after years of losing money and is looking for a buyer for its 49% share.

Two of the three exex have been with the web since Rede Globo bought it seven years ago in an attempt to penetrate the lucrative Italo TV market. Only one replacement has been named for the outgoing three exex: Alessandra Zingales was appointed managing director to replace Dionisio Poli and will have the job of cutting staff and implementing Ferruzzi’s strategy to bring costs under control.

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