BuzzMedia, which bought and then folded Spin, is now laying off 20 percent of its workforce. According to All Things D, the company is going to end up hiring new people to replace some of those who are dropped. The rumor is that about 50 people will lose their jobs today, and sometime shortly after that, about 25 new hires will be made.
In a memo, BuzzMedia’s CEO Steve Hansen called the changes “painful,” but added that they were neccessary as part of a restructuring that includes focusing on a select few brands:
Transformation sometimes requires making very hard decisions. Make no mistake about it, today will be difficult for all of us but our success is dependent upon greater focus on our audience, evolving our portfolio of brands, all supported by powerful technology and data. We need to align the organization around those objectives and today is a first step, albeit a very hard one.