What a day for the tech industry. I counted at least three separate postings on News.com about tech companies announcing layoffs after having a miserable fourth quarter. Here’s the quick rundown on these companies.

Sony will reportedly close two television factories and eliminate 2000 jobs in Japan – although when this will happen is unclear. This could be part of their previously announced job cuts or this could be something new. Nevertheless jobs are being eliminated.

After having a horrid fourth quarter, Intel announced details on how it was going to reduce fab output and streamline production to match market demand. The company plans on closing two assembly test facilities in Penang, Malaysia and one in Cavite, Philippines. Production will also halt at Fab 20 in Hillsboro, OR, and wafer production will end at the D2 fab in Santa Clara, CA. A total of 5,000 to 6,000 employees will be affected by these moves but not all of them will leave the company. Intel plans on offering other positions at the locations.

Sony Ericsson also had a pretty miserable fourth quarter as it saw a 31 percent drop in net profits year over year. The company announced that it would cut 5,000 jobs or about 6 percent of the work force. Ouch.

Not exactly the best way to start the new year…

Technorati Tags: Intel, Sony, Sony Ericsson, Job Cuts

Surprise surprise.. Blockbuster Inc. announced that they were abandoning their bid to acquire Circuit City citing that a deal was “not in the movie rental company’s best interest amid current market conditions.” Umm..  wait a second.. even if the market conditions were better, did this deal ever really make much sense? Apparently Soleil Securities analyst Scott Tilghman thought the same – “We didn’t believe that such a debt-laden marriage made sense and questioned the potential synergies that Blockbuster believed might have existed.”  Circuit City shares fell 15 percent to $2.17 a share after the news broke while Blockbuster shares rose 13.9 percent to $2.86 a share.

[Check it out via Reuters]

Technorati Tags: Circuit City, Blockbuster

Blockbuster has made public that it is offering to purchase Circuit City for at least 6 dollars a share – subject to due diligence. According to Blockbuster CEO Jim Keyes, the two companies have been discussing a possible sale since the end of last year. The offer was originally made on February 17th but Circuit City has failed to provide the due diligence necessary to allow Blockbuster to make a more “definitive offer.”  The company has decided to make the offer public “because it believes the shareholders of Circuit City should have the opportunity to participate in determining the destiny of the company.”

According to a public letter from Blockbuster, the “combination of the two companies would result in an $18 billion global retail enterprise uniquely positioned to capitalize on the growing convergence of media content and electronic devices.”

You can read more about the offer here:

[Check it out via News.com]

Technorati Tags: Blockbuster, Circuit City