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ON24 shutters news unit

ON24, a streaming media provider, on Friday said that it would discontinue the production of original financial news, dismissing about 15 staff members in the move. The San Francisco-based company said it is expanding its streaming media services for the enterprise and financial services markets to include the health care industry. The privately held company will maintain its syndication network for third-party content and earnings conference calls.

"The company's future is in enabling timely multimedia communications for enterprise customers, and we are going to concentrate our technology and people on that," ON24 CEO Sharat Sharan said in a statement.