Diva Systems Corp. officials confirmed late Wednesday that the
video-on-demand vendor laid off 20 percent of its staff early in the week as
part of an effort to reduce expenses and streamline operations.
According to a recent Securities and Exchange Commission filing, Diva has
enough cash to get it through the end of this June.
Diva declined to say how many employees were affected, but sources said the
company laid off approximately 40 people.
'The VOD market is becoming more and more competitive with aggressive
pricing,' Diva said in a prepared statement. 'While this will result in a
streamlining of operations, we are certain that we can continue to provide the
support our customers need to meet their VOD-business