Layoffs at IDG Following Acquisition

US-based MR and insights, tech publishing and events group IDG (International Data Group) has made an undisclosed number of staff redundant following its majority acquisition by investment company China Oceanwide Holdings.

Last year, IDG announced it was exploring 'strategic options', including the sale of the company. China Oceanwide, which has investments in the financial services, real estate, media and technology markets, has since acquired a 90% stake in the business for an undisclosed sum. This stake includes MR group IDC (International Data Corp) and IDG Communications, with the remaining 10% stake held by IDG Capital and a minority shareholder in IDG's venture business.

As part of the deal, a new IDG Board of Directors has been appointed, with China Oceanwide Chairman Zhiqiang Lu (pictured) named as Chairman, replacing Walter Boyd. Meanwhile China Oceanwide Director and VP Brett Bing Liu has been elected to serve as IDG President, Director and Chair of the firm's Executive Committee.

In a statement, IDG has confirmed that as 'digital forces have reshaped the media industry', it has had to 'eliminate' some positions in the US. The firm added: 'This was a difficult decision for the company, but we are grateful to those colleagues whose roles have been affected, for their many contributions to IDG'.

Web sites: www.idg.com and en.chinaoceanwide.com .