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Ku6 in labor dispute after downsizing sales team
By Ding Yining |
May 19, 2011, Thursday
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Online Edition
Online Edition
THE conflict between Ku6 Media Co and its former employees has escalated and the company's human resource officials reportedly beat some staff members after they cut the sales team by 20 percent.
Vice President Hao Zhizhong and Zeng Xinghua were also dismissed after they refused to sack members of their sales team.
Hao Zhizhong wrote on its microblog on Weibo.com that what Ku6 did was "foolish and mean and devastating to the company."
"More than 30 salespeople were forced to sign job termination agreements before they could leave the company late Thursday," Hao said in his post.
Lawyers representing Ku6 said they will bring Hao to court for spreading rumors and defaming the company along with other troublemakers, Sina.com reported this afternoon.
Ku6 said in a statement today that restructuring its sales team is a normal act in face of huge losses, and staff lay-off is justifiable, but it declined to give further comments.
The NASDAQ-listed online video-sharing company will outsource its advertising business to third-party agencies and explore new marketing channels to cut operating costs.
The company saw net loss widening to US$15.42 million in the last quarter of 2010 from US$10.6 million a year earlier.
Ku6 was listed in 2010 through a share swap with Hurray Inc, a Shanda Interactive Entertainment unit. The share price of Ku6 Media has lost more than 20 percent since Wednesday.
Vice President Hao Zhizhong and Zeng Xinghua were also dismissed after they refused to sack members of their sales team.
Hao Zhizhong wrote on its microblog on Weibo.com that what Ku6 did was "foolish and mean and devastating to the company."
"More than 30 salespeople were forced to sign job termination agreements before they could leave the company late Thursday," Hao said in his post.
Lawyers representing Ku6 said they will bring Hao to court for spreading rumors and defaming the company along with other troublemakers, Sina.com reported this afternoon.
Ku6 said in a statement today that restructuring its sales team is a normal act in face of huge losses, and staff lay-off is justifiable, but it declined to give further comments.
The NASDAQ-listed online video-sharing company will outsource its advertising business to third-party agencies and explore new marketing channels to cut operating costs.
The company saw net loss widening to US$15.42 million in the last quarter of 2010 from US$10.6 million a year earlier.
Ku6 was listed in 2010 through a share swap with Hurray Inc, a Shanda Interactive Entertainment unit. The share price of Ku6 Media has lost more than 20 percent since Wednesday.
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