MediaBistro owner WebMediaBrands, formerly known as Jupitermedia, has laid off 60 employees – about 25 per cent of its total staff, Nicholas Carlson of The Business Insider reports.
The remaining employees will get a 5 per cent pay cut.
Jupitermedia recently completed its sale of Jupiterimages to Getty for $96 million, about half the original bidding price that prompted protracted negotiations last year, according to Photo District News (PDN). Things look non too rosy for Jupiterimages staff either, with Getty similarly poised to make swingeing cuts.
In a memorandum to WedMediaBrands staff (reproduced in full by The Business Insider), CEO Alan Meckler blames the cuts on a major downturn in jobs board revenue for MediaBistro (which Jupitermedia bought for $23 million in 2007), plus a decline in general advertising and event registrations.