Univision sold Gizmodo Media Group and The Onion, reportedly for less than $50 million, to private-equity firm Great Hill Partners and Spanfeller, who owns a minority stake in the company. In July, The Post reported that G/O employees complained that Spanfeller has been relying on his connections from Playboy and Forbes Media to run the company without posting jobs publicly. Reviews Revised Proposal Amid App-Ban Threat, Comcast Plans to Expand Broadband Data Usage Caps in 2021, Angering Some Customers, ‘Insecure’s Prentice Penny Joins Facebook ‘#BuyBlack Friday’ Show: ‘It Felt Like a Natural Connection’, Gawker Media assets in a bankruptcy auction, Univision acquired a 40% stake in The Onion. Gizmodo and The Onion Parent Company G/O Media Lays off 14 Staffers. © Copyright 2020 Variety Media, LLC, a subsidiary of Penske Business Media, LLC. 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At G/O Media, Spanfeller recently hired CTO Jesse Knight, who was CTO/CIO of Vice Media from 2012-17, and CFO Tom Callahan, who most recently was CFO of BandLab Technologies (where he helped support media operations and manage its investment in Rolling Stone, now owned by Penske Media Corp., the parent company of Variety) and previously worked with Spanfeller at Forbes Media. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one … Variety and the Flying V logos are trademarks of Variety Media, LLC. The cuts “are not about making the company smaller,” Spanfeller wrote in an internal memo sent to staff that was obtained by Variety. 221,211, This story has been shared 125,826 times. Those complaints circulated weeks before Deadspin published an exposé in August criticizing the CEO’s leadership style and his top hires. Spanfeller has been a lightning rod at G/O since Great Hill bought the group from Univision for an undisclosed sum. The bloodletting has been masterminded by G/O CEO Jim Spanfeller, a former Forbes Media exec tapped by Great Hill to turn around the company. It is always difficult to make these decisions, and we thank the affected employees for their time with us and wish them only the best. “We are on track to widen these gains through growth in the 4th quarter,” Spanfeller said in the memo. We've received your submission. Their exits were previously reported by The Daily Beast. Show full articles without "Continue Reading" button for {0} hours. A statement at the time said the 14 people who lost their jobs comprised less than 5% of the company's workforce. ", Also read: Gizmodo and The Onion Parent Company G/O Media Lays off 14 Staffers. Amid the pandemic, a number of media giants have seen layoffs as ad revenue continues to plummet because of business closures and inability — and lack of reason — to purchase ads. Club, ClickHole and The Takeout. Separately, Gawker is slated to relaunch this year under Bustle Digital Group, after CEO Bryan Goldberg paid $1.35 million for the media gossip blog. Sorry, your blog cannot share posts by email. “These results represent a major swing in bottom-line results that move G/O Media’s net operating income from multimillion dollar losses to millions in profits,” according to a Monday memo obtained by The Post. While G/O Media has noted increased traffic and higher eCommerce revenues, these positive results have not been enough to offset the increasingly deteriorating economic environment and considerable short-term loss of direct advertising revenue.". The company’s goal is to produce more content and sign more marketing partners, and “The only way I know how to do that is to build bigger teams,” Spanfeller continued. As we evaluate the future of our video production structure, some of our video staff will be affected, effective today. G/O said in the memo it now has “over 40 open and approved potential new hires” who it says will return its payroll to pre-acquisition levels. The broadcaster had paid $135 million for the former Gawker Media properties two and half years ago in a bankruptcy auction. 538,986, This story has been shared 221,211 times. Writer Ryan Khosravi pointed out that the layoffs came just a week after extended unemployment benefits ended in the United States. 125,826, © 2020 NYP Holdings, Inc. All Rights Reserved This affords marketers with unparalleled reach and results among their most important consumer markets. Terms of Use The 25 employees leaving G/O Media represent about 6% of its 400-person headcount. Great Hill Partners — a Boston-based buyout firm that slashed more than 25 jobs after it scooped up the former Gawker Media sites in April and renamed them G/O Media — said the group turned a quarterly operating profit for the first time since 2015. This story has been shared 538,986 times. COVID-mutated 'zombies' rise from mass graves, Interim 'Jeopardy!' This story has been shared 221,211 times. Sitemap In April, 14 employees were laid off amid the coronavirus crisis. The layoffs at G/O Media were driven by the “need to re-configure specific processes” and “were not performance driven but rather process motivated.”. Staffers have griped that he was hiring “older white guys” from his past to run the company, even as he slashed the rank and file. G/O Media’s proprietary technology provides a powerful publishing platform to engage affluent and influential Millennials who crave our trusted, authentic and often-times irreverent news, entertainment and service journalism and experiences. host Ken Jennings under fire for insensitive tweet. G/O Media saw more layoffs Friday as the company reallocated money from video production to other areas, like editorial. Your Ad Choices The Murdoch family, presided over by 89-year-old patriarch Rupert Murdoch, owns Fox News and a constellation of other media properties in the United States and across the world; the family is … Even with the prospective hires in place, G/O said it would have still been profitable in the third quarter. This sucks and is bad.". This sucks and is bad.". 15 staffers lost their jobs. Privacy Notice This story has been shared 125,826 times. Great Hill said the group is generating “a similar top-line revenue year-over-year,” with sources pegging last year’s revenue at about $80 million. The sites reach about 100 million unique monthly visitors, although the audience is less than 80 million after backing out third-party sites that are part of the group’s ad network. Most recently, Spanfeller built and sold Spanfeller Media Group, whose properties included The Daily Meal and The Active Times, in December 2016 to Tribune Publishing Co. (then called Tronc). Do Not Sell My Personal Information. ", A G/O spokesperson confirmed to TheWrap, "In our efforts to strengthen editorial teams at G/O Media, we completed a thorough evaluation of our traffic and sites. Who could have seen it coming except everyone. Dawn of the dead minks! While an important part of the business, some resources currently dedicated to video would be better used across other areas of the company, including editorial, and are being reallocated accordingly. G/O Media’s properties are Gizmodo, Jalopnik, Jezebel, Deadspin, Lifehacker, Kotaku, Splinter and The Root; and The Onion, which includes its flagship satire publication, entertainment outlet A.V. Spanfeller had said in an interview with Variety that he had no plans to make significant layoffs at the company, but that G/O Media would be “looking to run things more efficiently.”, In the memo to staff Tuesday, Spanfeller said G/O Media will be hiring across the operations, including content producers, sales staff and development team, including plans to “invest heavily in our Kinja platform.”. G/O Media, Owner of The Onion and Deadpsin, Lays Off 15 Video Staffers, today. The bloodbath is over at G/O Media — and it worked. Maidment worked with Spanfeller at Forbes.com, where Spanfeller had been CEO.

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