The Huffington Post Canada, the media and news website owned by the Canadian subsidiary of AOL Inc., has laid off seven staff, including the only two journalists at its British Columbia bureau, two casual employees and one manager, according to sources who spoke to the Financial Post.
Last week, AOL announced plans to lay off 500 employees, or approximately five per cent of its workforce. AOL is itself a subsidiary of Verizon Communications Inc, which bought it for US$4.4 billion last year.
Verizon may be considering spinning off some of AOL's content businesses, such as Huffington Post, Engadget, and TechCrunch, following the wirelss carrier's $4.4 billion acquisition of the internet company.
In August last year, Huffington Post CEO Jimmy Maymann was promoted to oversee all of AOL's content and consumer brands.
That includes everything from TechCrunch, to AOL.com, to parent company Verizon's video streaming service Go90.
AOL (AOL) recently acquired Huffington Post for $315 million, which is another one in the series of acquisitions that AOL has done since its spin-off with Time Warner (TWX) in December 2009. Since its spin-off, AOL has struggled to grow its advertising business. AOL’s revenues from the U.S.
Verizon is acquiring AOL for $4.4 billion in cash. With it, comes AOL's roster of media companies, including the Huffington Post, Engadget, and TechCrunch. But this isn't the first time Verizon has owned a media company.
Yesterday, amid countless market transactions across the globe, there were these two events: In the US, a single investor bought $1 million worth of soon-to-expire AOL stock options. In Asia, the stock price of Yahoo! Japan suddenly surged.
The AOL-owned Huffington Post news website said Tuesday it would expand its Canadian operations with regionally focused editions for Alberta and British Columbia.The move comes nearly a year after the launch of the Huffington Post Canada in May, 2011, and follows a February launch of the French-language site Le Huffington Post Quebec."The sites will feature HuffPost's signature mix of news, blogging, community and social engagement, to capture the unique cultures of both provinces," the group said in a statement.