CMGI dropping two units to cut costs

ANDOVER– CMGI, Inc. announced that unless it could find buyers for its subsidiaries it would close iCast online entertainment unit and 1stUp Internet access unit to cut costs and bolster its support from technology investors. If CMGI is unable to find buyers it will mean 210 jobs for the Woburn based iCast and 100 jobs for the San Francisco-based 1stUp. The Boston Globe reported it would also mean charges of up to $90 million for CMGI in the next two quarters. Shares in the company have dropped to as low as $14.50 by mid last week, down 91 percent from their high in January. However, the company a growth in revenue to $1.65 billion in this fiscal year, up from $898 million for the fiscal year that ended July 31.