WebMD to cut 1,100 jobs by next year

Cyberbiz Briefs

Internet health care company WebMD Corp. said Thursday that it is cutting about 1,100 jobs by the end of next year, taking a charge of $35 million to $45 million. The company said it expects total savings of about $250 million by the fourth quarter of 2001 as it streamlines its business. News Corp. acquired a 10.8% stake in WebMD in December in a strategic alliance worth close to $1 billion. At the time, deal called for News Corp. to provide $700 million in branding services over 10 years, as well as purchase $100 million worth of Healtheon stock, invest $100 million in a new international joint venture and pony up $62.5 million for a five-year licensing agreement for syndication of WebMD’s daily broadcast content.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety