Breaking News: RealNetworks says it has eliminated 85 more jobs, including a quarter of its executives, as part of a reorganization that has combined its Technology Products & Solutions and Media Software & Services businesses.

It's the latest big move in the Seattle digital media company's effort to streamline its overall business and return to consistent profitability. The company also says it has reduced its office space in locations including its Seattle headquarters and will take a $10 million restructuring charge in the current quarter, ending June 30.

In a news release, the company says the divisions will be reshaped into "functional teams" that represent product development, sales and marketing, and service delivery. The company says the elimination of about 25 percent of its executive positions is meant "to reduce the spans and layers of management to create greater efficiency, teamwork and customer focus."

"This reorganization marks a significant milestone in our transformation of RealNetworks," said Bob Kimball, president and acting CEO of RealNetworks, in a news release. "Restructuring RealNetworks into functional groups creates a far more efficient organization focused on developing great products that can be delivered through any of our distribution partners."

[Previously on TechFlash: RealNetworks' new leader: No more science projects]

The cuts are about 6 percent of the overall RealNetworks workforce, which was about 1,450 people worldwide before these layoffs, according to a company spokesman. (Note: Number corrected since original post.) RealNetworks announced a 60 person job reduction in March.

In the news release, the company said it has reduced its office space in Europe, Asia and Seattle. The $10 million restructuring charge for the current quarter consists of $3 million related to layoffs and $7 million related to unneeded office space.