Al Jazeera Lays Off About 10% of Workforce

Qatar's state-run Al Jazeera has revealed that it is laying off about 500 jobs worldwide, the latest expenditure reduction for the Gulf state that has suffered from tumbling oil prices.

Most of the layoffs will affect the broadcaster's Doha headquarters, according to an Al Jazeera statement that described the move as a "workforce optimization initiative."

Al Jazeera Lays Off About 10% of Workforce

"While our decision is consistent with those being made across the media industry worldwide, it was difficult to make nonetheless," the statement said. "However, we are confident it is the right step to ensure the network's long-term competitiveness and outreach."

Al Jazeera began in 1996 as an Arabic language TV channel. It now has several channels, including an international English language service.

Earlier this year, the broadcaster announced the closure of Al Jazeera America, three years after it launched.

Qatar, a major oil and gas producer, has been hit hard by falling global oil prices. It expects to run a $12 billion deficit in 2016.

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