Report: Yahoo set to lay off 'thousands'

(MoneyWatch) Yahoo (YHOO) will begin laying off thousands of employees next week as part of a new restructuring plan, according to a published report.

The dismissals will be "deep" and focus on the Internet company's product, research, and marketing units, technology blog All Things D reported Friday. Yahoo's goal is "to cut many thousands" of employees, although not all of the layoffs will come at once, the site said.

Yahoo's tentative restructuring plan calls for creating a global media division that includes the company's communications and search businesses, as well as units focused on worldwide and regional sales, All Thing D's Kara Swisher wrote.

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Yahoo's sales have fallen in recent years in face of competition from Google (GOOG), Facebook, and other Internet companies.

Yahoo representatives did not immediately return calls seeking comment.

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