Verizon Media Layoffs: 7 Percent Of Media Division Staff To Be Cut

With the announcement from Verizon Media that it would be shedding 7 percent of its staff from its media division, a number of its news outlets have begun laying off members of its workforce.

The cuts are expected to affect close to 800 employees from Verizon’s media divisions which include outlets such as HuffPost, Buzzfeed, TechCrunch, Yahoo, AOL, MSN, and Gannett. Verizon has not made it clear which of its media divisions will be affected.

Verizon did say that the cuts were part of an effort to “focus the business and realign teams across Verizon Media and Verizon.”

Verizon’s layoff announcement hit the newsrooms on Wednesday, according to CNN. Buzzfeed confirmed that it would be laying off 15 percent its staff while Gannett journalists shared that dozens of employees throughout the country had been let go, CNN reported.

The announcement of the media layoffs comes as Verizon said that it would be taking a $4.6 billion write-down on Oath, leaving the company with a value of $200 million, according to Business Insider. Verizon Media changed its name from Oath last month.

"Our goal is to create the best experiences for our consumers and the best platforms for our customers," a Verizon Media spokesperson said in a statement. "Today marks a strategic step toward better execution of our plans for growth and innovation into the future."