Yahoo! Drops Social Media Branding Sites

Yahoo has halted Brand Universe, a project designed to tie the company’s various social media offerings around popular brands. As part of a restructuring effort, CEO Jerry Yang has decided to pull Brand Universe and any other project that does not center on his goal to make Yahoo a “starting point” for consumers. Only a few Brand Universe sites had been developed as part of Yahoo’s once ambitious plans. Similar sites are under development by social media giants Facebook and MySpace.

This news follow reports from earlier in the week that Yahoo is expected to layoff 700 employees as part of a cost cutting campaign. There is speculation that more cuts could be one the way, both in the form of layoffs and software projects.