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Creative Planet announces job cuts soon after receiving funding

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Los Angeles--Less than two weeks after it secured $30 million in funding from U.K.-based United News & Media, online entertainment supplier Creative Planet confirmed Wednesday that it's laying off 70 employees. The across-the-board cuts amount to 20% of its staff and are the second round of layoffs for the 2-year-old company. Each of the 70 employees was given what Creative Planet calls a "generous" severance package. Allen DeBevoise, chairman and CEO of Creative Planet, said: "These reductions are unfortunate, but healthy and necessary given the current market climate." With the $30 million infusion, Creative Planet will focus on such strategic assets as The Studio System and Movie Magic Producer.
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