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Technology Stocks : Hoover's Inc (HOOV) -- Ignore unavailable to you. Want to Upgrade?

To: A.L. Reagan who wrote (770)	2/11/2001 5:43:53 PM
From: A.L. Reagan	Respond to of 848

Business.com Cuts Staff by 25% February 9, 2001, 6:31 AM PST thestandard.com Just 4 months after raking in a $61 million investment, the eCompanies-backed portal cuts 37 jobs. By Jim Evans Business.com, the business portal backed by Southern California incubator eCompanies, laid off 25 percent of its workforce late Thursday afternoon. A spokeswoman said the company let go of 37 workers in order to become profitable. It's the second big layoff in a week by a company created by eCompanies, the incubator founded by ex-Disney online executive Jake Winebaum and EarthLink (ELNK) founder Sky Dayton. Icebox, an animation site incubated by eCompanies, just announced that it would cease operations, cutting 27 employees in the process. Also this week, eMemories, an online photo company funded by eCompanies, quietly sold its site to competitor Photoworks.com for an undisclosed amount. The transaction is expected to close within 60 days. In November 1999, eCompanies paid $7.5 million for the business.com domain name, drawing catcalls from the rest of the Web business. Soon after, the company, led by Winebaum himself as CEO, hired Peter Gumbel, former Los Angeles bureau chief of the Wall Street Journal, as editor in chief. In September 2000, the company raised $61 million from a group of media heavyweights including the Financial Times, Cahners and Mort Zuckerman, who owns U.S. News & World Report and the New York Daily News. The spokeswoman said that the company still has about $45 million left in its coffers.