Following a slew of layoffs among traditional media companies (McGraw-Hill Cos., Time Inc., Hearst Corp., Wenner Media) because of the financial crisis, online media companies are now swinging the axe. Business-related social networking site LinkedIn said Wednesday that it is cutting 10% of its workforce, or 36 jobs, as part of a restructuring to focus on its revenue-producing businesses, per CNET. Similarly, online video aggregator Veoh is slashing about 20% of its workforce, or about 20 employees, also per CNET. Although Veoh in June got a $30 million infusion from such new backers as Adobe Systems and Intel, it’s apparently having a hard time distinguishing itself from mega video sites YouTube and Hulu.
