Investor Broadcast Network pulls the plug on RadioWallStreet.com, a multimedia financial Web site, to focus on its profitable business units.
Investor Broadcast Network, a provider of real-time investment information and analysis on the Internet, said Wednesday it decided to shut down RadioWallStreet.com to focus on other businesses that have represented most of the company's revenues.
"Investor Broadcast Network needs to focus its resources on businesses that can reach profitability now," David Bauman, chief executive of the company, said in a statement. "While RadioWallStreet provided deep investment insight to its hundreds of thousands of users, and could become, over time, a profitable media property, we concluded that the time required to reach this level was simply too long."
Bauman said Investor Broadcast Network will continue to grow and add features to its other businesses that focus on Webcasting and multimedia presentations.
The online media industry has become littered with layoffs and failed dot-coms. Last week, NBC Internet cut about 150 positions, or 30 percent of its staff, in a move to reduce costs. Early this month, News Corp. pulled the plug on its Digital Media Division. The New York Times Co., CNN and Knight-Ridder have also made cuts in their Internet businesses.