Print media is suffering because audiences are all receiving their news online. If this is true then why did Buzz Media (formerly Buzznet) just layoff 20 percent of its staff? The blog network, which includes popular sites such as Stereogum, Idolator and Just Jared, recently received $12.5 million in new financing, from by Focus Ventures, reports paidContent.
The layoffs came after Buzz Media decided to halt a new project they were planning on launching in the coming months. The primary departments affected by the cuts were product developers, engineers, design and editorial. CEO Tyler Goldman was still positive about the network’s growth, saying that they plan to hire new employees in the sales area soon and are still expecting a profitable year.