RealNetworks to cut 80 jobs worldwide, plans more

Reuters News
Posted: Aug 28, 2012 5:39 PM

(Reuters) - Online media company RealNetworks Inc will cut about 80 jobs, or 7 percent of its global workforce, as part of plans to reduce operating expenses.

The company, known for its Real media player and Rhapsody music streaming service, expects to record charges of between $2 million and $2.5 million in the current quarter related to the job cuts.

RealNetworks also notified about 80 additional employees its plans of cutting their positions in the next seven months, unless it is able to place the employees in other internal positions, it said in a regulatory filing.

Shares of Seattle-based RealNetworks closed at $7.89 on the Nasdaq on Tuesday.

(Reporting By Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)