Online video firm Roo Group on Monday reported fourth-quarter revenue of $3.9 million, up 4% year-over-year from $3.75 million. The company's net loss grew to $12.5 million from $5 million
year-over-year.
The company has also been rechristened KIT Digital--the name of the investment group led by its recently appointed CEO, Kaleil Isaza Tuzman.
Roo now plans to
buy the remaining 49% of interactive ad agency Sputnik for $4 million. Sputnik is presently profitable, with revenue of $5.2 million and operating profit of $371,000.
Facing continued financial
woes, Roo late last year brought in Tuzman to replace its chairman chief executive Robert Petty. Roo also announced the resignation of four independent members of its board of directors--Simon Bax,
Stephen Palley, Scott Ackerman and Doug Chertok. In addition, Roo said it had cut 21% of its staff, or about 40 employees.
--Gavin O'Malley
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