SpinMedia, owner of VIBE magazine, number of structural adjustments” that will result in layoffs.
Reports the New York Post:
SpinMedia, the digital celebrity and pop culture network that owns Vibe and the Spin, is expected to lay off 15 percent of its workforce, about 30 people, and cut loose about eight of its smaller websites. Chief Executive Dale Strang told staffers Wednesday he planned to convert sites from owner-operated to partnerships — a move that will still keep them in the ad network but make them independent. Strang wouldn’t identify the sites, although one of them appears to be absolutepunk.com. Absolutepunk Senior Editor Drew Beringer tweeted, “Layoffs: the company has no money.” Strang, who was a general manager at Vibe, which was acquired by SpinMedia in April, is the third person to hold the CEO job in less than a year. His succeeded Steve Hansen, who had been promoted to the gig last December.
In addition to Spin, SpinMedia owns or sells ads for quite a few publications, including Vibe, The Frisky and Celebuzz.
For now, SpinMedia’s high traffic sites like VIBE, Spin, CeleBuzz and Idolator should continue to thrive.
Damn, that’s crazy, and sad at the sametime!