CReATION: Jimmy Lai closes Next Media sites

<p>Media tycoon Jimmy Lai shut most of Next Media's Internet </p><p>operations earlier this month in what analysts said represented the most </p><p>drastic cuts in the dotcom sector. </p><p><BR><BR> </p><p>About 100 staff from atnext.com were sacked. </p><p><BR><BR> </p><p>Next Media's news, finance, entertainment, lifestyle and soccer websites </p><p>were closed. </p><p><BR><BR> </p><p>Only the horseracing website survived with about 20 production, IT and </p><p>editorial staff. </p><p><BR><BR> </p><p>It now goes online with Apple Daily, Next and other publications. </p><p><BR><BR> </p><p>The decision was designed to lower the company's cash burn rate from </p><p>HK$10 million to between HK$5 million and HK$6 </p><p>million. </p><p><BR><BR> </p><p>This was the second time in the past three months Next Media had slashed </p><p>jobs. </p><p><BR><BR> </p>