Minute Media laying off around 10% of employees
The digital ad startup, which previously acquired the likes of The Players’ Tribune and FanSided, will part with 50 employees
Digital content publishing platform Minute Media is laying off 50 employees, accounting for around 10% of its 520-person workforce. Minute Media was reportedly planning to go public last year at a valuation of $1 billion before the downturn in the market forced it to reconsider its plans.
Minute Media was founded in 2011 by Asaf Peled, Gili Beiman, and Yuval Larom. Its video and multimedia publishing platform, Voltax, powers the creation, distribution, consumption and monetization of third party publishers and advertisers as well as its own sports and culture content brands, including The Players' Tribune, FanSided, 90min, DBLTAP, Mental Floss, and The Big Lead.
Minute Media acquired Wazimo, a bootstrapped Tel Aviv-based company which specializes in growing and monetizing audiences at scale through an automated data-driven approach, in November 2021 for an estimated $60-70 million.
“In order to focus on the company’s strategic directions and out of responsibility to the success of the company and its employees, we decided to reduce the company’s workforce by 10%,” Minute Media said in a statement. “As part of this process we were forced to part with 50 employees around the globe, including in Israel. The company will do everything it can to assist each of these people to find a new job. This is a step towards streamlining and driving towards profitability in a complex period for the markets, while focusing resources towards continued significant growth in 2023-2024.”