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YuMe To Cut 3% Of Its Workforce

YuMe, Inc. (YUME), which recently agreed to be acquired by RhythmOne plc (RTHM.L), disclosed in a regulatory filing about its plan to restructure and streamline certain of its operations to further reduce operating expenses and streamline and focus its European operations on its programmatic business.

YuMe's main elements of restructuring plan include a workforce reduction of approximately 3% by the end of 2017 and real estate consolidation focused in the U.K.

The company currently expects the workforce reduction to result in one-time severance costs of approximately $0.2 million and all other actions under the plan, including the real estate consolidation, to result in costs of approximately $0.1 million to $0.3 million in the fourth quarter of 2017.

YuMe expects this restructuring plan to focus on its operations in the United Kingdom, will be implemented before the end of the first quarter of 2018 and is currently expected to result in fourth quarter 2017 cost savings of approximately $0.4 million to $0.6 million.

YUME closed Friday's trading session at $4.50.

by RTT Staff Writer

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