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Al-Jazeera Network To Cut 500 Jobs

The Al-Jazeera media network has announced that it is cutting 500 jobs.

The Qatar-based network said on March 27 that the job reduction would affect posts worldwide but most of the losses would be in its Doha headquarters.

A statement from Al-Jazeera described the move as "a workforce optimization initiative" in response to "the ongoing transformation of the media landscape."

Al-Jazeera, funded by the Qatari government, was founded in 1996 and has more than 70 bureaus worldwide.

Al-Jazeera America announced earlier this year that it would shut its cable news channel despite spending heavily to break into the U.S. market.

Some observers have put the cuts down to tumbling global oil prices.

Qatar is an oil-rich country that depends heavily on the export of petroleum.

Based on reporting by BBC and AFP