ABC managing director Mark Scott has slammed the $120m cut to the broadcaster's budget and warned a substantial round of redundancies, a cut to services and a reduction in foreign reporting bureaux was now likely.
Although no redundancies were announced formally on Monday, administrators at Ernst & Young (EY) said they had briefed staff at City Link's depots around the country that a "substantial" round of cuts would take place on 31 December.
And we've now confirmed that they are closing a substantial round of funding, even before they've picked a final name for the company.
Here's an interesting email that was forwarded to me this morning: Docstoc, a Los Angeles based startup that we wrote about in early July, says they are close to closing a "substantial" round of funding from a number of potential investors.
From what we've heard, it has also spoken informally with potential buyers, including a certain Seattle-based e-commerce leviathan that made its name in books, so the interest in its platform ranges beyond that of consumers, which may have also been some of the motivation behind this round of funding, a substantial round by Berlin and European startup standards.
This move comes after an already substantial round of layoffs in January.
We are about to close another substantial round of financing from at least one, if not all, of the following investors 1) one of the co-founders of myspace 2) the angel investors in www.baidu.com and the head of mp3.com that lead the company to its 400M acquisition – at least one of these players will lead our next round, and all three parties may participate.
We are about to close another substantial round of financing from at least one, if not all, of the following investors 1) one of the co-founders of mysapce 2) the angel investors in www.baidu.com and the head of mp3.com that lead the company to its 400M acquisition – at least one of these players will lead our next round, and all three parties may participate.
All have gone on to raise substantial rounds of follow-on financing, though Vungle had a rocky 2017, after its cofounding CEO was arrested and charged with shocking abuses that police officials believe may have taken place while he was under the influence of LSD.
Lightneer CEO Lauri Järvilehto says that the company is in the process of raising a "substantial" seed round that should be closed in coming weeks, and that it will reveal details of its first game by the end of the year, with the first version of the app to launch in 2016.
