Rumor: Joy.cn Cuts Staff Due to Funding Issues
BiaNews, 8/31/10
Chinese video site Joy.cn has reportedly laid off over 30 employees. According to an industry source, the cuts affect staff based in Shanghai and Beijing. Managers overseeing Joy.cn's film, TV drama, gaming, product and commercial business departments have all been let go. Departing employees have been given "number of years employed plus one" severance packages.
When asked the cause of the layoffs, the source claimed it was due to funding problems. He said that Joy.cn is currently RMB 70 mln behind in payments to China Merchant's Bank and China Everbright Bank.
Keywords: Internet funding Joy.cn HR online video
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