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Al Jazeera America Brought Down By Cheap Oil

Michael Bastasch, The Daily Caller

Al Jazeera, an OPEC-backed news outlet, will be laying off hundreds of employees and shutting down its U.S. branch as cheap oil continues to crunch the Qatari government’s budget.

Al Jazeera announced 500 layoffs Sunday, building on the news group’s January decision to shut down it’s U.S. news branch less than three years after launching. In total, Al Jazeera is shedding 700 jobs from its 3,500 person staff once it’s America branch ceases operations in April.

CNN Money pointed to low oil prices as a major reason for the cuts at the Qatar-backed news outlet. Qatar’s decision to shed Al Jazeera America is “tied to the falling price of oil,” according to CNN, adding the “Middle Eastern emirate is highly dependent on oil and gas revenues.”

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