Lossmaking cable TV and multiple website owner Oxygen Media is to axe around ten per cent of its workforce with the closure of its Seattle office and additional job cuts in New York.
In all, sixty-five jobs are to go in a cost-cutting exercise which, coupled with a new $100 million investment by Vulcan Ventures, aims to attain profitability “in several years”.
The internet division bears the brunt of the cuts which, says the company, will streamline the business “by redirecting our resources and staffing, and consolidating our operations in New York.''
Oxygen’s female-oriented websites have varied in number from twelve to nineteen since its high profile launch in February. These will now be reduced to four: Oxygen.com, Young Audiences, Oprah and Thrive.
Among the company’s backers are Oprah Winfrey and Microsoft founder Paul Allen, the billionaire chairman of Vulcan Ventures.
News source: New York Times