Major Layoffs, Restructuring At SpinMedia: “The company has no money.”

SpinMedia, the parent company that owns and/or sells the advertising for Spin, Stereogum, Vibe BrooklynVegan and other online music propertres is undergoing major layoffs today, according to a memo obtained by Poynter and tweets from several staffers. “As you can expect, some of these changes involve personnel reductions,” new CEO Dale Strang wrote to employees.  Along with the staff cutbacks, also comes a major reorganization.

"We’re converting select sites from the SpinMedia collection from wholly-owned to partnerships, consolidating some of our back office functions and streamlining various other parts of our organization," a company spokesperson told Poytner.

It's not yet clear which sites or staffers were affected at the online music meida aggregator formerly known as BuzzMedia. Absolutepunk seems a likely candidate after Senior Editor Drew Beringer tweeted "the company has no money" when learning of his own pink slip.