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WebMD to cut 1,100 jobs by next year

Cyberbiz Briefs

Internet health care company WebMD Corp. said Thursday that it is cutting about 1,100 jobs by the end of next year, taking a charge of $35 million to $45 million. The company said it expects total savings of about $250 million by the fourth quarter of 2001 as it streamlines its business. News Corp. acquired a 10.8% stake in WebMD in December in a strategic alliance worth close to $1 billion. At the time, deal called for News Corp. to provide $700 million in branding services over 10 years, as well as purchase $100 million worth of Healtheon stock, invest $100 million in a new international joint venture and pony up $62.5 million for a five-year licensing agreement for syndication of WebMD’s daily broadcast content.

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