The Deal LLC, parent company of financial news mag TheDeal, has laid off 13 staffers, or about 10 percent of its workforce, Folio reported. A rep for TheDeal confirmed that the magazine had reduced the staff, but declined to provide numbers. The company, which is owned by PE firms U.S. Equity Partners and Wasserstein and Co., had about roughly 150 staffers and about 75 reporters, sources told paidContent. Specifically, we heard that four of the six reporters on Techconfidential.com were let go. Another source told us that 19 posts were eliminated, though another person familar with the cuts said that in addition to the 13 employees who were laid, several open positions will remain vacant. Another sources tells paidcontent that remaining staffers were also hit with a 10 percent pay cut.
As part of the cutbacks, Techconfidential, which covers venture capital investments, will cease to be a standalone site as of next month. In keeping with previously announced plans, TheDeal’s print version is scheduled to go from weekly publication to biweekly next year. Over the past year, the company has made a few other moves on the online side that execs hope will balance out the loss of Techconfidential. For example, the company created The Deal Pipeline, a news, information database and business development tool. Additionally, the company is promising an overhaul of TheDeal.com with more commentary and free community features that will be released in Q109.