Current Media to axe 30 staff

It said that 60 US-based positions have been cut in total, but around half of staff affected will be offered new jobs, leaving 30 staff facing redundancy.

News of the changes marks a rapid change in fortunes for the company. Earlier this year, Current Media announced plans to float the company on the New York Stock Exchange.

A company statement said: "Many of those whose positions were eliminated have been placed in their new positions. Current will have approximately 410 employees (after these staffing adjustments)."

The company said that the changes resulted from the development of a new programming strategy based on the launch of eight new channels, including news, comedy, music and technology, in the first quarter of 2009.

The company went on: "Current's new programming strategy expands upon its pioneering use of viewer-created content to include additional opportunities for participation, creating a far more viewer-influenced network, and further unifies the company's online and TV platforms by having each web channel paired with a companion TV show.

"In addition, these changes enable Current Media to reduce its cost structure, thereby assuring that it will be comfortably profitable in 2009 regardless of the depth and length of the recession."