Wednesday, June 30, 2010
Move Networks Confirms It Is Looking For A Buyer, Lays Off Staff
Irvine-based Move Networks, the streaming video technology firm, confirmed Wednesday evening that it is looking for "strategic alternatives", including a possible sale of the firm. The firm released a statement after widespread rumors of its demise. According to Move, President and CEO Roxanne Austin has stepped down from her position, and Marcus Liassides, Executive Vice President of Sales and Business Development, will be promoted to President. The firm also said--in order to conserve cash--it has laid of an unspecified number of its staff. In a statement, Dan Beldy, Managing Director at investor Steamboat Ventures, and member of Move's board, said that the board decided that "the time is right to undertake a disciplined exploration of the full range of value maximizing opportunities."