(CNN Business) Verizon is about to cut hundreds of employees from its ailing media division as the company continues to tweak its multi-billion dollar bet on content and digital advertising.

Verizon Media Group, the portfolio of media brands that includes Yahoo, AOL and The Huffington Post, plans to lay off about 7% of its staff this week, according to a memo to employees from the division's CEO, obtained by CNN Business.

The cuts will effect roughly 800 employees, based on the division's headcount at the end of 2018. The memo did not spell out which media brands will be hit hardest.

"These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need," Guru Gowrappan, CEO of Verizon Media, wrote in the memo.

The focus for the media division, Gowrappan added, will be investing in mobile and video products while working to "stabilize our business."

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