Santa Monica, California-based digital media company, AwesomenessTV will be laying off 98 employees, approximately 50% of its workforce, at its Santa Monica offices as a natural consequence of its acquisition by New York City-based Viacom. The reduction-in-force included senior management including CEO Jordan Levin.
A Viacom spokesperson noted, “As we begin to integrate Awesomeness and streamline the organization within Viacom, a number of positions were impacted yesterday. We are grateful for the many contributions of each individual and continue to work diligently to ensure a smooth transition.”
It appears that the company was mortally wounded by Verizon” decision to abandon their Go90 video service and its 24.5% investment purchased for $159 million and a multiyear content distribution deal valued at approximately $150 million. The majority owner appeared to be Comcast/NBCUniversal with 51%; Hearst and (TechCrunch parent company by way of Oath) with 24.5%; and Verizon, with 24.5% purchased for $159 million and a multiyear content distribution deal valued at approximately $150 million. Viacom’s purchase price was said to be under $300 million, less than one-half of the company’s valuation.
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