Measurement company Comscore said it is restructuring its operation, resulting in employee layoffs that will cost the company $6 million to $8 million in severance payments.
Changes the company plans to make include reducing the company’s data center footprint, reducing operating expenses including software and facility costs. Comscore said it might also quit certain businesses and exit some geographic regions.
Comscore did not disclose how many jobs were impacted by the restructuring.
Overall the restructuring will result in costs of between $13 million to $18 million, according to an SEC filing Thursday. In addition to severance, there will be costs of about $6 million to $8 million for data center reductions and $1 million to $2 million for other costs, including legal, consulting and other professional fees.
As the TV industry looks for alternatives to Nielsen, Comscore is one of the measurement companies whose data is being tested as a potential currency for buying and selling commercials.
Comscore promoted its CFO, Jon Carpenter to CEO in July, replacing Bill Livek who retired. The company had been conducting a strategic review that led to it being recapitalized, with Charter Communications, Qurate and Cerberus Funds making a $204 million investment in January 2021.
Comscore expects the restructuring to be complete in the fourth quarter of 2023. ■
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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