News Bits: Hold on to Your Jobs

Written by Eve Bergazyn

Thursday, November 6. 2008 at 11:10 AM EST Post a comment

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It looks as if the need to answer the monetization question is getting more and more pressing. It's one thing when a venture-backed video play like Veoh Networks Inc. cuts staff. But you know things are bad when a site like LinkedIn, which is making at least some money, is laying off staff.

LinkedIn, the model social network with its paying subscribers, has laid off 10 percent, or 36, of its workforce, reports Reuters. This comes despite a recent infusion of cash by investors.

As for Veoh -- the video portal just laid off 20 percent of its staff of 110 employees in Los Angeles and San Diego offices, reports New TeeVee. The company has been cutting costs since June, when it withdrew from international markets. Just over two weeks ago, those cuts continued with the laying off of its entire St. Petersburg, Russia, staff of 15-18 people.

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