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Music Site Imeem Laying Off 25%, Reportedly Up For Sale
Silicon Alley Insider —
... Music social network Imeem is laying off 25% of its employees, and, according to PaidContent, it's hired investment banker Montgomery and Co. to put itself up for sale. The company says that the cuts are coming from across its 80-person staff, but it wouldn't comment on the rumors about the investment bank. ...
Imeem jumping on the layoff bandwagon
Webware.com —
... Imeem's vice president of marketing, Matt Graves, said that the question was actually "whether we had done layoffs, not whether we were going to," and that he answered accordingly. Sneaky! He proceeded to confirm a report from PaidContent that a quarter of the company has been laid off. ...
p2pnet news roundup: October 22, 2008
p2pnet news —
... the results of a summer 2008 survey designed to address the campus costs of compliance with the new P2P filesharing mandates in reauthorized Higher Education Act (HEA) that was signed into law on August 14, 2008. The report is based data from 321 colleges and universities and focuses on P2P compliance costs as reflected in expenditures (e.g., content and software licenses) and also the time that campus personnel spend on P2P filesharing issues.
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Music Social Network Imeem In Play; Hires Bank; Laying Off 25 Percent - paidContent ...
Will VC’s Liquidation Preference Wipe Out Imeem’s Shareholders?
WatchMojo.com Business & Technology —
Imeem joins the bandwagon:
Online music-focused social network Imeem is on the block, according to our sources, and has hired investment banker Montgomery and Co. to lead the sale. Coincidentally, we have also learned that the company is announcing some layoffs internally today—as much as 25 percent of its around 80-strong workforce.
Imeem has raised above $50 million in funding over the last two years, including a $15 million round from Warner Music Group earlier this year. Other previously disclosed investors include Sequoia Capital ...
imeem Lays of 25 Percent of Staff
SocialTimes.com —
... PaidContent is reporting that imeem is laying off 25 percent of their staff as the economic woes begin to manifest. There’s no word about why they are laying off so many but I can only assume it’s related to the presentations provided by Sequoia VCs a couple weeks ago about how cutting staff early is how to survive through the economic downturn. Those that try to wade through the storm could get crushed. ...
Imeem's Pain Shows How Difficult It Is to Be a Digital Music Site
Tech Observer —
... , the popular music-based social network. The company today laid off as much as a quarter of its work-force -- or about 20 employees out of 80 -- as it explores the possibility of a sale, according to paidContent. ...
Imeem Dismissing One-Fourth Of All Employees
WebProNews Feed —
... , "There's not as much money floating around the market, and we had to cut our costs to accommodate."He then noted that, more specifically, cuts were made in the "finance, marketing, communications, product, [and] technical operations" departments. So it looks like the company is truly taking cover, and not just shedding fat. As for the idea of new ownership, Rafat Ali reports, "Online music-focused social network Imeem is on the block, according to our sources, and has hired investment banker Montgomery and Co. to lead the sale."A brief glimpse at the banking ...
Rumor: Imeem Laying Off Staff and Looking for an Exit
ReadWriteWeb —
According to PaidContent, Imeem, one of our favorite streaming music services, is starting to feel the pressure of the economic downturn and is planning to lay off a quarter of its workforce. According to this report, Imeem is also looking for a potential candidate to buy the company.
Imeem is one of Sequoia's portfolio companies, so it doesn't come as a surprise that it is looking to keep its budget under control, but we do think that Imeem is going to have a hard time finding a buyer in these tough economic times.
Sponsor ...
Imeem makes cuts, may be looking to sell
VentureBeat —
... Streaming music company imeem has hired boutique investment bank Montgomery and Co. to help it sell, and it has meanwhile laid off 25 percent of its 80 person staff, PaidContent is reporting. San Francisco-based imeem has ...
Imeem Cuts Quarter of Staff, Might Be Looking for Buyer
TechCrunch —
We’ve confirmed PaidContent’s report from earlier today that music startup Imeem has laid off 20 employees, or 25% of its total staff.
PR representative Matt Graves gave a now-familiar explanation for the cuts:
Given the current economic climate, we decided to be proactive in cutting costs - before we needed to - for the long-term benefit of the business.
The company did not confirm reports that Montgomery & Co. has been hired to find it a buyer. That wouldn’t be terribly surprising, however, given ...
Around the Web 10.23.08: Comings and (lots of) goings in the tech world
L.A. Times Tech Blog —
... -- Imeem reportedly bids so long, farewell, auf Wiedersehen, goodbye to as much a quarter of its staff and puts itself on the block. PaidContent.org ...
Imeem lays off 20, seeks buyer [Digital Music]
Gawker: valleywag —
... Imeem is laying off a quarter of its 80-person staff, PaidContent reports. The music-centered social network has been more adept than many of its rivals at navigating the cutthroat music business ...
New Layoffs at WildTangent, Digital Influence Group
ClickZ News Blog —
... Ad-supported music and video site is reducing headcount by 25 percent and putting itself on the block, according to PaidContent. ...
Music startup imeem making money, not dying unless the labels kill it
VentureBeat —
... There are a truly impressive number of rumors going around about the company. One I’ve heard is that its valuation has fallen from what was (or still is?) “north of $200 million” to something far less; the company isn’t commenting on that. Another is that its investors, including its venture capitalists like Sequoia Capital as well as record labels, now own a very large portion of the company. ...
