Next New Networks restructures, some layoffs
ADOTAS — The New York-based online video production company has created two new departments within the company in order to better serve audiences and advertisers and create the next-generation of online programming.
The Audience Development Group, headed by co-founder Tim Shey, will now drive all audience building efforts. Entertainment producer Kathleen Grace, who has worked with Next New Networks’ producer team since late 2008, will lead the company’s programming group. Grace will manage the team producing, sourcing and publishing the company’s current and new programming for existing and upcoming networks.
According to Paidcontent, Next New Networks, which has struggled even before the global financial meltdown, has laid off about 7 staffers. Despite the expect growth in video advertising, there are too many companies and too many options for viewers.
Since it launched in early 2007, NextNew has raised about $23 million from Goldman Sachs, Spark Capital, Saban Capital, Velocity Interactive Group (now Fuse Capital), and Bob Pittman.
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