Music-focused social network operator and blog publisher Buzznet Inc.
has grown aggressively through acquisitions during 2008, but just elected
to lay off just over 10% of its staff,
according to
reports. The Los Angeles-based startup is
backed
by Universal Music Group, Redpoint Ventures, Anthem Venture Partners,
Bob Pittman's The Pilot Group and various angels including Jeff Clavier.
Best-known for its
acquisitions of widely-read music blogs Idolator, Stereogum and
Absolute Punk, Buzznet originally gained traction around the emo music genre. UMG was said to have
invested about $25 million this spring, on top of $7.5 million in prior investment. In addition to the blogs, Buzznet also
acquired music widget developer Qloud, or at least took a significant stake in it, this spring.
The new reports suggest that 10 of Buzznet's 89 staffers have been dismissed.
-- Paul BonanosSee
April 17,
April 18 and
June 3 posts from Tech Confidential concerning Buzznet
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It is sad to hear that they have cut their workforce by over 10%