Looksmart axes 20 in rethink

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Mar 31, 2003

LookSmart said it has decided to focus on the CPC product, which guarantees a search directory listing on MSN.co.uk, because it remains the most profitable part of its business. It said it intends to focus on its existing products rather than on developing new ones.

The company has cut 20 jobs in the move, compared with the 60 people previously employed by the BTLookSmart venture, plus 20 editors who were contracted directly by the LookSmart US parent

The company previously operated as a joint venture with BT in the UK, offering a range of services including the BidSmart paid-for-listings product launched last June. The two companies agreed to close the joint venture in December, forcing LookSmart to restructure its UK business and make redundancies.

The company said in a statement that its refined business model had been well received by stakeholders.



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