Layoffs to hit Fox Interactive
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Fox Interactive Media, suffering from a steep drop in online advertising, is preparing to lay off a significant number of employees, according to people familiar with the situation. The number and timing are in flux, but the cuts are expected to encompass a broad array of workers at the Beverly Hills headquarters.
The layoffs are part of a restructuring of Rupert Murdoch’s News Corp.’s digital operations and come only two month after former AOL executive Jonathan Miller was named chief digital officer, with oversight of media giant’s online properties. It is not immediately known how many employees will be let go, but a year ago Fox Interactive employed more than 2,000 people.
The interactive division of News Corp. includes the MySpace social network and a collection of other online businesses, including IGN Entertainment, and entertaiment movie and product review site RottenTomatoes.com. In the most recent quarter, the News Corp. said Fox Interactive’s revenue was down 11% from a year ago, reflecting a precipitous 16% drop in advertising. At the same time, costs rose 7% due to expenses associated with developing new features at MySpace.
In another sign of cost-cutting, Fox Interactive is also seeking to sublet new offices being built at Playa Vista development south of Marina del Rey. The group had agreed to rent 421,000 square feet of space, so it could consolidate its far-flung digital operations.
Read the Original Story – Layoffs to hit Fox Interactive [Updated] | Company Town | Los Angeles Times
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