Oxygen Media to Cut Positions, Close Office
The cuts amount to less than 10% of its staff, the company said Dec. 5.
Earlier in the 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," chairman and chief executive Geraldine Laybourne said. "We continue to believe that ... our future is built on the convergence of both TV and online."