If you are having trouble viewing our video player, check out MediaBytes on YouTube.
Cyber Monday sales increased 15% year over year. The increase, which is credited to overwhelming deals and free shipping offers, brought in roughly $846 million dollars for online retailers on Monday. Wall Street responded promptly with the Dow up 172.60 points.
NBCU is cutting its ad sales divisions at both NBC News and NBC, with layoffs looming at CBNC. While the layoffs began last week, NBC is also in the process of buying out contracts, giving early retirement, attrition and leaving jobs unfilled. The cuts are part of NBCU chief Jeff Zucker’s goal to cut $500 million in budget costs.
Adobe cut its projected revenue for the quarter. The software manufacturer is in the process of cutting its workforce by 8%, with 600 people likely to get laid off. Adobe noted that the global economy, as well as lackluster sales of Photoshop CS4, were both major contributors to their financial shortcomings.
Panasonic has raised its offer to acquire Sanyo. The current offer values Sanyo at roughly $8.58 billion, or $1.39 a share. Panasonic, who wants Sanyo in order to compete directly with Hitachi, agreed to purchase Sanyo last month, however, a price was never set.
Plus, today’s consulting question, “Is anybody going to watch 3D football?” Shelly has the answer on today’s MediaBytes.