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Excite cuts 500 jobs
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September 25, 2001: 2:04 p.m. ET
Excite@Home to cut marketing services, pare down Excite.com portal
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NEW YORK (CNNfn) - Broadband Internet company Excite@Home is laying off 500 workers as its pares down its operations in a continuing effort to save cash.
Excite@Home (ATHM: down $0.04 to $0.29, Research, Estimates) said Tuesday it is eliminating its MarchLogic interactive marketing services subsidiary and also reducing the scope of its Excite.com Web portal.
Five hundred employees will be laid off over the next three months and MatchLogic will be closed by the end of the year.
Excite spokeswoman Stephanie Xavier said Excite.com will be reduced to the most popular content and services, such as e-mail, instant messaging and Internet search functions.
Xavier said content channels such as shopping or food will probably be redirected to other sites or changed to a list of links. The changes will occur gradually over the next few weeks.
"Selling and reducing our narrowband media assets that do not contribute financially or strategically to the broadband access business is the right direction for our corporate viability," said Patti Hart, Excite@Home chairwoman and CEO.
In late August the company said it may not have enough cash to last the year. Excite@Home said Tuesday it still needs additional funding, but did not say if any progress was being made.
Also in August, Excite@Home said it will not be repaying a $50 million loan to an investor group but a source close to the situation told CNNfn.com that AT&T Corp. may yet step in to assist the company in some capacity. 
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