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Summary:

Layoffs at Mansueto Ventures, specifically the digital side of Fast Company, the result, we’re told, of a decision to fold Mansueto Digital…

imageLayoffs at Mansueto Ventures, specifically the digital side of Fast Company, the result, we’re told, of a decision to fold Mansueto Digital into the company’s print operations. At the same time, digital head Ed Sussman is leaving to be CEO at a start-up. Twenty employees, primarily in online and marketing, have been laid off, according to Valleywag. Also, from the memo sent out by CEO John Koten to employees, other cost cuts include shelving Upstart, a planned magazine devoted to new businesses; closing the Atlanta office except for sales; cutting IT help desk coverage; and curtailing perks like tuition reimbursement, gym and free snacks. Employees will keep their free sodas and subsidized massages…really.

In addition 20 layoffs, including three of 12 executive committee posts, he said sales and editorial staffers would handle digital as well as print.The creative services department would also close.

Earlier this year, Fast Company ramped up on digital, hiring high-profile Robert Scoble and launching Fast Company TV. At the same time, Fast Company launched a sweeping social media initiative. Scoble stays on but will report to Fast Company magazine editor Bob Safian, who adds responsibility for fastcompany.com. Scoble wrote about the news this afternoon.

  1. Has anyone ever graphed the US Economy with Fast Company's rise & fall? Version 1.0– entrepreneurial build & sell at the high; Version 2.0 buy & destroy during a bad market at G&J; Version 3.0 buy at a rock bottom price rumored to be $10MM for Inc & Fast Company and wait for a depression to make the structural changes to "right size" it, alas. What will Version 4.0 be– Mansueto sells it to Glam who want to be in Business Media for phantom stock???

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