Oxygen Media To Cut Positions
NEW YORK (AP) _ Oxygen Media is cutting 44 full-time and 21 part-time positions and closing its Seattle office in an attempt to streamline its online operations.
Oxygen, a New York-based cable and Internet company that targets women, said Tuesday that the cuts amount to less than 10 percent of its staff.
Earlier this week, Oxygen announced it had received a $100 million investment from Vulcan Ventures, the investment company controlled by Microsoft co-founder Paul Allen and one of Oxygen’s early backers.
The investment ``is a powerful vote of confidence in Oxygen, and combined with our online reorganization, keeps us on plan for profitability,″ said chairman and chief executive Geraldine Laybourne. ``We continue to believe that ... our future is built on the convergence of both TV and online.″
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