Summary:

Even a fresh influx of cash couldn’t keep online entertainment network Buzz Media (formerly Buzznet) from cutting staff: the company told pa…

imageEven a fresh influx of cash couldn’t keep online entertainment network Buzz Media (formerly Buzznet) from cutting staff: the company told paidContent that it is laying off more than 20 percent of its team today, leaving it with roughly 75 employees. The layoffs come as Buzz Media puts the brakes on plans to launch new properties, and will primarily affect product developers, engineers, design and editorial. CEO Tyler Goldman said the sales team wasn’t impacted, and that Buzz Media was actually “looking to add in that area.”

Goldman said Buzz Media’s network has more than 40 properties, primarily focusing on celebrities, music and pop culture; the plan had been to expand into other entertainment sectors, but “given the overall macroeconomic environment, we’re going to slow down that growth and be more selective.” The company is sitting on $12.5 million in new funding from various investors, including Focus Ventures and Redpoint Ventures; Goldman said Buzz Media was still on track to be profitable at the end of the year.

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