NCAA Tourney Viewership Up Over '16 Sources: VF Selling Sports Group To Fanatics Angels P Talks Committing Future Earnings To Fantex CBS/Turner Sweet 16 Overnights Up MJ's Son Partners With Tech Startup WaitTime Nike Posts Solid Q3 Amid Adidas Resurgence CBS/Turner Strong For NCAA Opening Day Site Crashes For Last-Minute Bracket Participants GoPro To Cut 270 Full-Time Jobs Turner's Ernie Johnson Talks NCAA Tourney
REEBOK ANNOUNCES CUTS OF 500 JOBS IN RESTRUCTURING
Published February 5, 1998
Reebok plans to cut 500 administrative jobs in the first quarter, or 10% of its work force, "as part of a multimillion-dollar restructuring to reduce costs," according to a wire report in the BOSTON GLOBE. It was "unclear where the cuts would fall." Reebok President Robert Meers said the MA-based company wants a "more focused organization." Meers: "This is a year of execution, not a year for broad-based marketing" (BOSTON GLOBE, 2/5). RESULTS: News Corp. said net profit rose 23% in its second fiscal quarter ended December 31, '97. Net profit rose to $396M, or $.41 a share, from $321M, or $.40 a share a year earlier. In other news, CBS' media holding had a $10M loss in the quarter ended December 31, "an improvement compared" with a $63M loss during the same period a year ago. Sales for the quarter jumped to $1.47B from $1B (WALL STREET JOURNAL, 2/5). On "The Edge," CNBC's Sue Herrera: "Better but not good enough for CBS" (CNBC, 2/4).