San Diego- and Los Angeles-based online video site Veoh is reportedly in the midst of a "major restructuring," according to a report from VentureBeat . Quoting a "source close to the company" VentureBeat said that the layoffs would be "drastic." An email to Dmitry Shapiro, CEO of Veoh, this morning, asking for comments on the rumor was not returned. Veoh laid off 20 percent of its employees in November. The firm is venture backed by Intel Capital, Adobe, Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner�s Tornante Company, Time Warner Investments, among

Veoh - 20 employees, or approximately 18-20 percent of its staff. The technology industry’s panicked rush to lay off employees, in fear of impact from the economy, is starting to hit Southern California. The latest: THQ - 250 employees, 17 percent.

Los Angeles- and San Diego-based Veoh (www.veoh.com), an online video sharing site, has laid off 20 people, or roughly 18-20 percent of the firm's employees. spokesperson for Veoh told socalTECH that the changes affected every group in the firm, and was because the firm wanted to make smart choices early on in the game given a possible internet advertising slowdown. Veoh said that the firm, although doing well financially, A The layoffs occurred yesterday, when employees were notified of the move.