Heavy Laying About 20 Percent of Staff; Separating Ad Network Into Another Company
This story was written by Rafat Ali.
Heavy, the online video firm aimed at young male audiences, is laying off about 25 people out of a staff of 105, we have learned, and company co-CEO Simon Assaad has confirmed it to us. The news comes as the company is spinning off its online video ad network division Husky into a separate company. Assaad told me that the layoffs were a result of this spinff, where the company realized some of the projects they were working on were not needed...most of the layoffs are in the technical and advertising operations side. The details of the spinoff haven't been disclosed fully: no word on the new management for the spinoff (for now, the current management is looking over both companies and are in the same offices in New York City), or the funding, but the company is looking to close funding for Husky soon, he told me.
The main Heavy company is profitable with this reorg, Assaad said, and revenues grew 60 percent in the last year.
By Rafat Ali