AltaVista Plans Media Network Biz Exit, 25 Percent Employee Cut
The CMGI-owned portal will gradually phase out its branded content channels and personalized pages within the network as part of the restructuring arrangement. Also, the company will consolidate its four California offices into its corporate headquarters in Palo Alto, CA.
The company said that it expects AltaVista North America to reach profitability in the second quarter ending Jan. 31, 2001. It also will undergo a $7.5 million one-time charge this quarter for the restructuring. AltaVista will remain in the free Internet access business, but its global business focus will be search services.