Just all cuts 38 jobs:
uk.biz.yahoo.com
Tuesday October 16, 01:04 PM
Just signs Butt Ugly Martians deal, axes 38 jobs
LONDON, Oct 16 (Reuters) - Cash-strapped UK media firm Just Group Plc (LSE: JUS.L - news) said on Tuesday it had signed a franchise deal with Universal Studios to develop its children's TV series Butt Ugly Martians, but added it was axing 38 jobs to cut costs.
Shares in the firm, which warned on August 31 it would post a big pre-exceptional loss this year and needed additional funding, were down 13 percent by 1155 GMT, at 2.425 pence.
Just said it had signed a deal with PolyGram Television, a subsidiary of Universal Studios, giving it the exclusive motion picture and theme park rights to Butt Ugly Martians, as well as the right to finance and produce additional TV episodes.
Universal would also become the worldwide distributor of the show outside the UK and Germany, the firm said.
Just added it was closing its office in Bakewell, northern England, with the loss of 38 jobs and was in advanced talks to sell some non-core operations.
It also said the board currently intended to raise money via a non-preemptive issue of shares. |
