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Video technology provider Kit digital has said it will cut 300 jobs, or 22 per cent of its workforce, in the third quarter to reduce costs.
Kit digital, whose cloud-based system enables clients to broadcast digital videos across several devices, expects to record a restructuring charge of about $4 million in the current quarter.
The company said it expects to save about $40 million annually in employee-related expenses from the job cuts that will be completed by the end of this year.
Kit digital, which counts technology, media giants such as Google, Disney-ABC, MTV and BBC among its clients, said in June that it was in talks with several buyers.
The company named shareholder Peter Heiland chief executive in August, replacing recently appointed CEO Barak Bar-Cohen. It has recently appointed a new chief financial officer and a chief technology officer.
Kit Digital shares have lost close to 70 per cent of their value in the last year.