Spirited Media Seeks New Revenue Streams After Layoffs
SPIRITED MEDIA LAID OFF STAFF at each of its three local news sites this week, undercutting hopes that the company and its team of investors may have cracked the code for a profitable and sustainable business model.
The layoffs come eight months after Spirited Media merged with the parent company of Colorado’s Denverite, a hyperlocal news site positioned as a potential model for other cities. Denverite laid off three staffers on Tuesday, reducing its newsroom team by nearly one-third. Laid-off staff include Denverite’s transportation and real estate reporter, the site’s social media and engagement specialist, and its sports reporter. Philadelphia’s Billy Penn and Pittsburgh’s The Incline each laid off one staffer and each won’t fill open positions. Spirited Media’s investors include Gannett, which owns 31 percent, according to its 2016 annual report.