Social media-focused blog net Federated Media's looking for someone to take over at the top. In a vaguely worded post on FM's official blog, John Battelle, the company's founder and CEO, said that the company needs a new leader to move the company forward. Battelle was slightly more clear about one thing, however: he's not leaving the business. He didn't indicate when he came to this realization or if a change is imminent.
The company has had some bad news lately. Earlier this month, TechCrunch's Mike Arrington said the site had sever its relationship with FM and manage its ad sales itself. A few months prior to that, Giga Omni Media said it would leave the FM fold. In his post, Battelle defended the company's performance, saying FM "put nearly $25 million in the pockets of independent creators on the web."
By David Kaplan