EBay to cut 1,000 jobs, buys Bill Me Later

SAN JOSE/CALIFORNIA: EBay Inc says it will cut about 1,000 employees, reducing its work force by about 10 percent.

The online auction site also says it will get rid of several hundred temporary workers and reduce open positions.

EBay says the reductions are intended to streamline its organization. EBay says it expects restructuring charges of about $70 million to $80 million, mostly in the fourth quarter.

EBay also says it will buy online payments business Bill Me Later for $820 million in cash and $125 million in outstanding options. Additionally, eBay is buying Danish classifieds site dba.dk and vehicles site bilbasen.dk for $390 million in cash.