We first reported about AOL closing down a few of their sites back in January. However, it seems that they are closing a lore more than first expected. AOL is planning on closing over 30 online media brands.
All of this comes after the company acquired the Huffington Post for around $315 million, so now over 900 employees are being laid off.
Many of AOL’s existing sites will be rolled into existing Huffington Post verticals, such as Politics Daily (to be folded into HuffPost Politics), Walletpop (now a part of Daily Finance), Urlesque (folded into HuffPost Comedy), PopEater (folded into HuffPo Entertainment), Luxist (folded into StyleList), ShelterPop (also folded into StyleList) and TV Squad (folded into AOL TV), according to Forbes and All Things D.
Image via CrunchBase
With the US economy and the world economy as a whole in shambles, no one appears to be safe from the downtown. Stock prices have dropped drastically, especially in the tech world. Those who were hanging their hats on their stock options are now facing the harsh reality that right now their piece of the pie is almost valueless.
Just recently
Seesmic released just over one-third of their employees, with three more having been let go the week before. While they are not experiencing the “crash and burn” they are preparing for a bleak fundraising future. The founder of Seesmic,
Loic Le Meur, cut out anything that “wasn’t outsourceable, core or absolutely necessary for the company.”
It was also reported just recently on Robert Scoble’s site that he too was going through his own professional with having a brand new boss, and having 20 of his co-workers laid off due to the economic troubles that have begun to trickle down into their offices.
Just the tip of the iceberg? Everyone is feeling the pinch during these times. You can read more about the effects of the economic downturn
here.
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