BREAKING: Al Jazeera To Sack 500 Workers

Qatar’s Al Jazeera broadcasting network is set to sack about 500 employees, more than 10 percent of its staff, it announced on Sunday reflecting financial pressures on the tiny Gulf state due to low global prices for oil and natural gas.

Most of those affected are based at its Doha headquarters, according to a statement from Al Jazeera, which is controlled by Qatar’s royal family. Before the lay-offs, the network had about 4,000 staff, a spokesman said.

Mostefa Souag, Al Jazeera’s acting director-general, said the network needed to conduct the lay-offs to maintain its position in the industry “in light of the large-scale changes under way in the global media landscape”.

In January, Al Jazeera said it would close its U.S. cable news outlet less than three years after its high-profile launch. It cited economic challenges in the U.S. media market.

Al Jazeera is the latest state-funded institution to cut staff as the government reacts dwindling oil and gas revenue.