Broadcast specialist services company Medialink Worldwide has cut
jobs in its UK and US offices as revenues fall.
The company this week said that its third quarter results, formally
announced on 6 November, are likely to fall below previous guidance
following the US terror attacks.
The company's pre-11 September guidance expected to report revenues
between £8m and £8.5m. The company now expects to report
revenues around £1m below that.
Medialink refused to disclose the number of redundancies planned but New
York-based IR director Ryan Barr said the staff reductions were 'modest'
and that the company was leasing out excess office space in a bid to
recoup some costs.
The company claims cost-cutting measures are expected to result in an
annual cost reduction of more than £2.5m.
Although the broadcast media has yet to return to pre-11 September
levels of non-crisis news coverage, Barr said business appeared to be
picking up.
'We have actually seen levels of some satellite and radio media tours
return to the same levels as prior to 11 September,' he said.
Medialink is still being stalked by United Business Media.
The company last week hired UBS Warburg LLC as its financial adviser
during the proposed acquisition.
