WebMediaBrands, the parent company of Internet.com, Mediabistro and other well known online brands has cut 25% of its workforce, or 60 people. The company, formerly known as JupiterMedia also cut all existing pay rates by 5% over 5 months (1% per month).
CEO and founder Alan Meckler said in an internal memo that the company has been hit hard by the recession, with its job board experiencing a “huge decline” and advertising across its properties heading south.
Meckler did note that the “learn” area of the company and traffic to sites including Graphics.com, Internet.com and Mediabistro has been growing.
BusinessInsider has the full memo here. The remaining headcount at the company is now 165 people.