San Diego - Video hosting site Veoh Networks, whose backers include former Disney CEO Michael Eisner's Tornante Company, has laid off 15-18 staff from its technical operations and engineering team in St. Petersburg, Russia, NewTeeVee reported.

The company denied an earlier report in Valleywag that it has laid off 40% of staff.

San Diego-based Veoh also told NewTeeVee that it is currently in the process of re-hiring for the positions in the U.S., where it counts 110 employees, and that it still expects to reach profitability in 2009.

Related Links:
http://newteevee.com/2008/10/20/veoh-no-us-layoffs

http://snipurl.com/4kog4 (Silicon Alley Insider)

http://www.veoh.com