MEDIACOM CHOPS 72 FROM PAYROLL
By Adnews Staff
On Aug. 23 Toronto-based Mediacom let go 72 of its approximately 500 employees, representing about 14% of its workforce. The cuts were made because Mediacom has been sold to Outdoor Systems Inc. of Phoenix, Arizona. The lay-offs were spread throughout the company, Mediacom's senior vice president of sales and marketing Valerie McIlroy told Adnews yesterday, adding that "none of it was performance-related." Included in the shakeup was marketing senior vice-president Kevin O'Leary. Mediacom was sold in July by U.S.-based Gannett Company Inc. to Outdoor Systems. The terminations were effective immediately, with all employees offered what McIlroy termed "a very fair" severance package.
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