Machinima Lays Off 11 Percent of Staff
The new-media network says it will acquire more programming with the money it saves by paying fewer staffers.
Machinima, a top network on YouTube, is laying off 11 percent of its staff so that it can dedicate more of its resources to acquiring programming, the company said Wednesday.
Machinima targets males 18-34 years old and reaches 200 million unique viewers a month worldwide with 2 billion video views monthly.
The company employs 206 people and is letting 22 of them go.
"In connection with Machinima's growth plan, the company is making an increased commitment to premium programming, its YouTube affiliate network and multiplatform distribution," the company said Wednesday. "As a result of an increased need for investment in these areas, Machinima is eliminating positions."
Machinima is reportedly valued at about $190 million, based on a $35 million financing round last year that included investments from YouTube parent Google as well as Redpoint Ventures and MK Capital.