Two fast growing digital media companies have announced dozens of staff cuts.
Bleacher Report, known for its sports reporting and hot takes on sports culture, has let 50 employees go. While Group Nine Media, formerly known has Thrillist, has cut more than 20.
Dave Finocchio, co-founder and CEO of the Turner-owned Bleacher Report, says the cuts are not indicative of a downward trend, but a response to areas of “redundancy.”
“Some of our colleagues will be parting ways with the company this week, as their positions no longer align with current organizational goals,” Finocchio wrote in the memo obtained by Adweek. “I’d like to sincerely thank the individuals impacted by these changes for all of their hard work and dedication to B/R.”
Finocchio also mentioned Turner’s “incremental $100 million investment” in the company has allowed it to fill 170 positions, with another 45 jobs still open.
Most of the eliminated positions were related to the user-generated content that B/R relied on in the past.
“We could not be in better position to maintain our path of providing an unparalleled experience for our millions of passionate fans,” Finocchio writes in his memo.
At Group Nine Media, which is comprised of Thrillist Media, NowThis Media, The Dodo and Seeker around 4 percent of staffers received pink slips.
“Thrillist has meaningful momentum and ambitious growth plans for the future,” a spokesperson told Adweek. “We sometimes have to make difficult decisions like this to support growth and to stay ahead of the evolving media landscape. We will work to help the talented people affected find new roles at companies they’ll love.”
“We are, of course, saddened to let go of some of our talented friends,” Group Nine CEO Ben Lerer told Adweek, “but we’re continuing to dream in video. This decision came from a position of strength as we aim to change for the better.”
Lerer said that includes more hiring as Group Nine Media invests some of the $100 million investment from Discovery’s digital network last fall.