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"The realities of the market, the changes in our business model and the need to minimize the time it takes to reach profitability all factored into this decision. But this doesn't change the fact that this is a very difficult step to take."
—Listen.com CEO Rob Reid

LISTEN LAYS OFF 42

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San Francisco-based online music destination Listen.com let 42 employees go today, according to an official release. The number represents some 25% of the company's staff.

Despite the layoffs, the ambitious netco—which recently lost the bidding for multimedia file-swappery Scour's assets to Oregon upstart CenterSpan—insists it has plenty of cash left and that it will reach profitability next year.

"The employees leaving Listen.com all made tremendous contributions to our growth and success," reads a statement from CEO Rob Reid. "The realities of the market, the changes in our business model and the need to minimize the time it takes to reach profitability all factored into this decision. But this doesn't change the fact that this is a very difficult step to take."

Listen also announced that the departing employees would receive severance packages.


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