BUSINESS NOTES NEWS CORP. TO CUT ITS ONLINE DIVISION.News Corp., the media empire controlled by Rupert Murdoch, is shutting down its online division and eliminating more than 200 jobs in an effort to conserve badly needed cash. The company said in a statement released late Thursday that it would transfer the production of three major Web sites back to the networks they are associated with - Fox Broadcasting Co., Fox Sports Television Group and Fox News Channel. In so doing, about half of the 450 jobs in the digital division, News Digital Media, will be lost through attrition and layoffs over the next six months, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. company spokesman Andrew Butcher. The remaining jobs will be moved back to the networks. Butcher said the move would save the company ``tens of millions'' of dollars, but he declined to be more specific. News Digital Media was formed in 1997 with the ambitious goal of providing fresh editorial content for the online components of News Corp.'s broadcast outlets, FoxNews.com, FoxSports.com and Fox.com. - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Home prices jump across Southland Housing affordability fell across Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, during November as prices continued climbing, a trade group said on Thursday. In Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, affordability was 34 percent, down from 39 percent the previous November. In Ventura County, affordability was 33 percent vs. 40 percent a year ago, said the California Association of Realtors. The index measures the percentage of households that can afford to buy a median-priced home. The group bills the index as the most fundamental measure of housing well-being in the state. The statewide index fell to 31 percent in November, down 5 percentage points from November 1999. Nationwide, affordability was 54 percent in November, down from 55 percent during the same period in 1999. At 10 percent, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden remained the least-affordable county in the state, followed by Contra Costa Contra Costa can refer to:
In Southern California, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County was the least affordable at 23 percent. - Daily News Semtech to meet earning forecasts Newbury Park-based Semtech Corp. said Thursday that it expects to achieve analysts' consensus earnings estimates of 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the fourth quarter ending Jan. 28. Semtech is forecasting that fourth-quarter revenue will be sequentially flat compared with third-quarter levels. Previously, the company's sequential revenue growth forecast was 7 percent to 9 percent for the fourth quarter. For all of fiscal year 2001, revenue is now forecasted to grow 47 percent and net income is expected to increase more than 100 percent compared with the prior year. Jack Poe, chairman and chief executive officer, said that the company's backlog at the beginning of the quarter enabled it to meet its initial revenue forecast. Since that time, some customers, contract manufacturers and distributors have adjusted their ordering patterns to reduce inventory levels. ``This, combined with a temporary slowdown in demand for certain communication equipment and personal computers, will reduce our sequential revenue growth,'' he said. - Daily News City National done with big takeover City National Corp., parent company of City National Bank, announced Thursday it has completed the acquisition of Los Angeles-based investment management firm Reed, Conner & Birdwell. The transaction increases City National's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or administration by about $1.2 billion, to $8.9 billion, the company said in a statement. Reed, Conner & Birdwell, which was acquired Dec. 29, now operates as an independent subsidiary of City National, keeping its name and maintaining its West Los Angeles
- City News Service |
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