Wednesday, April 1, 2009

Report: Veoh Planning Major Layoffs

San Diego- and Los Angeles-based online video site Veoh is reportedly in the midst of a "major restructuring," according to a report from VentureBeat. Quoting a "source close to the company" VentureBeat said that the layoffs would be "drastic." An email to Dmitry Shapiro, CEO of Veoh, this morning, asking for comments on the rumor was not returned. Veoh laid off 20 percent of its employees in November. The firm is venture backed by Intel Capital, Adobe, Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner's Tornante Company, Time Warner Investments, among others.

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