YuMe to streamline certain operations
On October 2, YuMe adopted a plan to restructure and streamline certain of its operations to further reduce the company's operating expenses and streamline and focus its European operations on its programmatic business. The company anticipates that the restructuring plan will focus on its operations in the United Kingdom, will be implemented before the end of the first quarter of 2018 and is currently expected to result in fourth quarter 2017 cost savings between approximately $0.4M and $0.6M. The main elements of the company's restructuring plan include a workforce reduction and real estate consolidation focused in the United Kingdom. As part of the restructuring plan, the company expects to reduce its workforce by approximately 3% by the end of 2017. The changes to the workforce will be governed by local legal requirements, as appropriate. In the fourth quarter of 2017, the Company currently expects the workforce reduction to result in one-time severance costs of approximately $0.2M and all other actions under the plan, including the real estate consolidation, to result in costs between approximately $0.1M and $0.3M.