Website: Rapid TV News
Technicolor, the new name for the Thomson technology company, is to dump 625 jobs from its Grass Valley camera and TV division, in preparation for the sale of the outfit.
Technicolor said in a statement that its reorganisation plan would enable Grass Valley “to adapt to a strongly deteriorated business climate” caused by declining broadcaster budgets and lower spending on advertising.
Grass Valley’s revenues have fallen 31% since the end of 2008, and it made a loss €87m ($117m) in 2009. The planned job cuts represent a quarter of Grass Valley’s headcount.
Technicolor/Thomson Technicolor said in January that it would sell businesses that contributed around €1bn to its 2008 sales, including Grass Valley, advertising division PRN and cinema advertising unit Screenvision, in order to trim debt.