The latest announcement is out from Loop Media (LPTV).
Amidst executive reshuffling, Loop Media announces major cost-cutting initiatives to streamline operations and boost competitiveness in the Connected TV and Digital Out of Home sectors. Bruce Cassidy steps up as Executive Chairman, while Jon Niermann transitions from CEO to focus on sales and distribution, and Justis Kao fills the interim CEO role. The company targets a $2 million payroll reduction through layoffs, furloughs, and executive pay cuts, also issuing retention stock units to motivate key personnel. Alongside these developments, the company is exploring strategic and financing alternatives to enhance shareholder value.
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