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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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Jamie Dimon says his stockbroker father taught him to invest with a 'brutally hard' childhood game
TechAl Jazeera

Al Jazeera Media Network Fires 500

By
Michal Addady
Michal Addady
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By
Michal Addady
Michal Addady
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March 27, 2016, 12:55 PM ET
A general view shows the newsroom at the
Doha, QATAR: A general view shows the newsroom at the headquarters of the Qatar-based Al-Jazeera satellite channel in Doha 14 November 2006. The English-language version of Al-Jazeera's launches 15 November 2006 after a year-long delay. The pan-Arab TV station is out to capitalise on the strategic importance of London as a European capital when it kicks off its English-language service tomorrow. AFP PHOTO/KARIM JAAFAR (Photo credit should read KARIM JAAFAR/AFP/Getty Images)Photograph by Karim Jaafar—AFP via Getty Images
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Al Jazeera Media Network has reportedly laid off a bunch of employees.

The 20 year old cable news network has fired about 500 people, Bloomberg reports. Most of the layoffs occurred at Al Jazeera’s headquarters in Doha, Qatar, the country’s capital. This comes as the state-funded broadcaster, which is funded in part by Qatar’s ruling family, the House of Thani, is redirecting its focus on digital operations.

The network’s acting director-general Mostefa Souag told Bloomberg in a statement that the restructuring began a few months ago and he is “confident this is an important decision to improve [Al Jazeera’s] competitiveness.”

Earlier this year Al Jazeera announced plans to shut down its U.S. branch after failing to find an audience, a move that Fortune reported could result in as many as 700 people losing their jobs. According to executives, the shutdown should be complete by April 30. The announcement came soon after baseball players Ryan Zimmerman and Ryan Howard filed defamation lawsuits against the network.

Al Jazeera has offices in upwards of 70 cities and says that it will continue to expand digital operations and establish new platforms in the U.S.

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