Like other online sites that have abruptly moved to stanch the flow of red ink, MTV's online division, MTVi Group Inc., on Wednesday announced that it had fired 105 workers, representing about a quarter of its workforce, and had dropped plans to issue an IPO.

A spokesman for the company said that the company had decided to aim at moving "more quickly to profitability." He declined to indicate when it envisioned achieving that goal. MTVi Group comprises MTV.com, VH1.com, SonicNet.com and Country.com.

Source: Studio Briefing