YouTube cuts funding for WSJ, Reuters channels

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WSJ Live YouTube1

YouTube has cut off funding to the Wall Street Journal and Reuters that formed part of its $150 million dollar plan to help launch more than 100 premium channels, repots Hamish McKenzie of PandoDaily.com.

McKenzie writes, “The termination of the one-year deals, which has resulted in contractors losing their positions at Reuters, comes even as the Google-owned company has said it would double down on its investment in original channels.

“PandoDaily has learned that at least 15 editorial and production contractors at Reuters who have been working on the YouTube channel over the past year have not had their contracts renewed, meaning they will have to find new work. The staff were informed of the funding cut about a month ago.

“The YouTube unit at Reuters consisted of 18 people, most of whom were freelancers and contractors. Today was their last day on the job. The cutbacks follow Tuesday’s news of nine editorial layoffs at the news organization, a move attributed to the company’s need to focus attention on its ‘global cost structure.’

“In January last year, Reuters heralded the deal by launching Reuters TV, a YouTube channel featuring 10 news, commentary, and analysis programs. The channel has been hosted on Reuters’ own site and on a dedicated YouTube page. It’s unclear whether or not it will continue.”

Read more here.