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Verizon Media Group To Lay Off 7% Workforce: CNBC

Verizon Media Group is laying off 7 percent of its workforce, according to CNBC.

The reports says that the layoffs is expected to affect about 800 employees of the Verizon division, and follow company-wide buyouts in December.

"These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need," Verizon Media CEO Guru Gowrappan said in an email to employees.

"I want to be clear that we will continue to scale, launch new products and innovate. We are an important part of Verizon ... Now is the time to go on the offensive, go deep on our big priorities and do everything we can to advance the business."

The Verizon Media Group includes media, advertising and technology. The division formed in November to encompass Oath, the result of a merger between Yahoo and AOL under the Verizon brand.

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