Online publishing site Medium to cut 50 jobs, change business model

(Reuters) - U.S.-based online publishing platform Medium said it would slash its workforce by a third, or eliminate 50 jobs, close two offices as the company changes its ad-driven business model.

The job cuts were mostly in sales and support, while the vast majority of the product development and engineering teams would remain, the company said on Wednesday.

The company's ad-driven publishing model was "becoming an extension of a broken system", Chief Executive Evan Williams wrote in a post. (http://bit.ly/2hRxRZ3)

Williams did not describe the "new model" the company would create, but said it would reward writers and creators, based on the value they were creating, not just their ability to attract "a few seconds of attention".

Medium allows users, including companies and media outlets, to post blogs that readers can annotate.

The company said it was shutting down offices in New York and Washington, D.C., though some employees would continue to work remotely from these locations.

(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)

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