GTE Interactive Media to cease operations in March 1997
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CARLSBAD, Calif. -- GTE Interactive Media will cease operations as of March 14, 1997.
Founded in 1990, GTE Interactive Media has been an innovative interactive software publisher that has developed or distributed products for a variety of technology platforms, including CD-ROM, Sega and Nintendo.
"GTE has made a strategic decision that it does not need to be a primary participant in the creation and management of content," said Richard Scott, vice president and general manager-New Ventures for GTE. "At its inception, GTE Interactive Media was viewed as a complementary adjunct to GTE's plans to develop broadband video services networks.
"Today, with the exponential growth of the Internet and the acceleration of players in the entertainment marketplace, GTE believes the need to be a primary source of content to feed its own networks has diminished. There are numerous sources available," Scott said.
"This move allows us to increase our focus on our core tele-communications business," Scott said. "We attempted to find a solution that did not involve a shutdown," Scott said, "but we talked with several potential buyers without reaching a satisfactory agreement."
GTE Interactive Media's 85 employees will continue on the payroll until March 14, 1997, but will be given the opportunity to look for other employment in the interim. Where possible, some of them will be placed in other parts of the GTE organization. A small group of employees will be retained to assist in the shutdown activities through June 30, at which time the company will close its office in Carslbad, Calif.
With revenues of $20 billion in 1995, GTE is one of the largest publicly held telecommunications companies in the world. GTE is also the largest U.S.- based local telephone company and a leading cellular-service provider -- with wireline and wireless operations that form a market area encompassing about a third of the nation's population.
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