UPDATED 15:31 EDT / DECEMBER 16 2010

Yahoo Shutting Down Old Investments Amidst Holiday Season Layoffs

Yahoo is planning to shut down 8 products and merge others. EVP of Americas Ross Levinsohn and Chief Product Officer Blake Irving officially announced this news and the products due to shut down include MyBlogLog, Yahoo Picks, AltaVista, Yahoo Bookmarks, Yahoo Buzz and Delicious as well as Yahoo’s traffic APIs.  As reported on AllThingsD,

“The news first came out via a screenshot of the webcast posted on Twitter by Eric Marcoullier that includes a slide with a list of impacted products next to an image of Levinsohn and Irving announcing the news. Marcoullier was founder of MyBlogLog, which created one of the products being shut down. (MyBlogLog was bought by Yahoo in 2007 and pretty much neglected ever since.)”

Fire Eagle and Yahoo People Search are among the products due to be merged, as Yahoo Alerts and Yahoo Calendar will be demoted to just features.

The news above comes after a series of layoffs, as we mentioned earlier. CEO Carol Bartz started this ‘trend’ back in 2009 in light of a 1% stock exchange fall. Yahoo! is trying to rebrand itself, though some question whether or not that justifies its laying off 5% of its workforce, which equals 650 employees.

While Yahoo! is scaling back due to the unavailability to support the media network they were aiming for, AOL, a company rumored to have been interested in a merger with Yahoo, is making more acquisitions to generate revenue around its growing media network. As we covered here, AOL’s latest acquisition was Pictela, an award-winning content platform.

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