Modem Media to shut offices, cut staff

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Norwalk, Conn.--Interactive agency Modem Media Inc. said it will close offices in Toronto, Munich and Hong Kong and cut 90 jobs worldwide, roughly one-quarter of its work force. The reductions will result in approximately $4 million in pre-tax savings for the year. Modem also reaffirmed its second-quarter financial guidance, saying it expects revenue of between $18 million and $19 million for the quarter, and earnings at break-even or slightly below.
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