Layoffs hit Al Gore’s Current Media
11 November 2008
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There have been layoffs at Current Media, the cable network co-founded by former U.S. Vice President Al Gore.
A source close to Current told CNET News on Tuesday that 20 percent of the staff has been cut, and that some of the layoffs will take place now and others in January. Current had announced less than a day ago that it had partnered with the Canadian Broadcasting Corp. to bring its network to Canada.
A statement from Current indicates that the number of employees cut is lower than the 20 percent that our source provided: “Approximately 60 positions have been eliminated in the company’s three U.S. offices, and approximately 30 new positions created,” the statement read. “Many of those whose positions were eliminated have been placed in the new positions. Current will have approximately 410 employees (after these staffing adjustments).”
Current’s plans for an initial public offering are on hold, employees have told CNET News. The company filed for an IPO in January.
Changes in programming format are on the way too. Current’s focus on indie and amateur producers was a bold experiment, one that left some critics scratching their heads when the channel debuted in 2005.
“As part of the impending transition at Current TV, one source says the company is going to drop its shorter (user-generated content) videos in favor of the more traditional 30-minute programs that have long dominated television programming across all channels,” David Weir, an analyst at CNET News sister site BNET, reported on Monday night.
The statement from Current hinted at this change as well. “These changes result from the development of a new, innovative programming strategy built around eight cross-platform channels, including news, comedy, music, and technology, slated to premiere in the first quarter of 2009,” the statement detailed. “Current’s new programming strategy expands upon its pioneering use of viewer-created content to include additional opportunities for participation, creating a far more viewer-influenced network, and further unifies the company’s online and TV platforms by having each Web channel paired with a companion TV show.”
Current, which consists of the Current TV network and Current.com, had just gone through a high-profile marketing effort in conjunction with the 2008 presidential election, for which it partnered with trendy social-media brands Digg and Twitter.
Company representatives told CNET News last week that it had been a big success, and Gore himself later gave a speech at the Web 2.0 Summit in which he touched upon how he hopes Current will solve some of the problems plaguing the television news industry.
At least one Current employee, associate producer Andrew Schneider, has Twittered his departure. The company “just laid me off with a ton of my colleagues,” Schneider wrote.
Schneider’s LinekdIn profile says that he worked in VC2, the “Viewer Created” or user-generated content division of Current. A source told CNET News that the VC2 division was hit particularly hard by the layoffs.
The company statement said the layoffs were a preventative measure: “These changes enable Current Media to reduce its cost structure, thereby assuring that it will be comfortably profitable in 2009, regardless (of) the depth and length of the recession.”
Last update at 2:01 p.m. PT. CNET News’ James Martin contributed to this article.
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[Via The Social - CNET]
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