Monday, November 3, 2008
Spot Runner Lays Off 115
Los Angeles-based Spot Runner has laid off 115 employees, as part of a new strategic plan, a spokeperson for the firm confirmed Monday. According to Spot Runner, the 115 represents about 30 percent of the company. A spokeperson for the firm told socalTECH that the change was due to an "unprecedented change in the economic environment." Spot Runner provides online services that help place television advertising, and is venture backed by Daily Mail and General Trust (DMGT), Grupo Televisa, Legg Mason Capital Management, and Groupe Arnault/LVMH, along with Allen & Company, Battery Ventures, Capital Research and Management, CBS, Index Ventures, The Interpublic Group, Tudor Investment Corporation and WPP. The firm said that it is in a "strong financial position with significant cash in the bank" but made the moves to be more focused and thoughful about its resources.