Machinima Lays Off 42 Employees
Machinima is downsizing.
The digital video entertainment network, a top YouTube channel targeting males 18 to 34, is laying off 42 employees in its sales department as part of a larger restructuring, the company announced Thursday.
The layoffs are an effort "to create greater focus internally on selling creative ad solutions and branded entertainment while better leveraging its longstanding partnership with YouTube to drive media sales."
The Wall Street Journal reported in late February that Warner Bros. was mulling a $10 million to $15 million investment in Machinima.
Last September, Machinima laid off 11 percent of its workforce to dedicate more of its resources to acquiring programming.
Machinima, still in search of a new CEO, is reportedly valued at about $190 million, based on a $35 million financing round in 2012 that included investments from YouTube parent Google as well as Redpoint Ventures and MK Capital.