Yahoo! Inc. (NASDAQ:YHOO) Shuts Down Most Of Its News Websites
Yahoo! Inc. (NASDAQ:YHOO) has terminated most of its media websites as part of its restructuring efforts.
Most of the websites that have been shut down are sites offering digital magazines such as Yahoo Autos, Yahoo Real Estate, Yahoo Travel, Yahoo Health, Yahoo Makers and Yahoo Parenting. The company’s global chief editor in chief Martha Nelson stated that the firm decided to shut down the sites so that it can place more focus on its most successful areas. They include Lifestyle, Finance, Sports and News.
Nelson also pointed out that the company acknowledges the journalists that came up with the content for the websites that will be shut down. She also added that the topics from those websites will be found in the remaining websites together with comprehensive information throughout the Yahoo network.
Yahoo’s tech website will also be one of the sites that will be shut down even though it was not officially included in the list of websites to be terminated. This means the decision goes against some of the major efforts that have been instituted by the company’s CEO, Marissa Mayer. In 2013, she managed to poach famous tech reviewer, David Pogue from The New York Times to work on the Tech website.
The move did not come as a surprise to Yahoo critics because the company had announced in January that it would implement a strategic plan that would simplify Yahoo by focusing on the strongpoints. The Announcement was made during the release of the firm’s fourth quarter earnings report. Yahoo claims that the new strategy is will provide more foothold for the company to make an aggressive comeback and push growth in revenue and operations.
The company also announced that it will trim down its workforce by 15% as part of its cost reduction strategy. This means the company will lay off about 1,700 employees and shut down five international offices. The firm aims to save more than $400 million every year through the cutbacks.