Shiny Media is to cut back on staff, including editorial director and co-founder Katie Lee, according to an official press release initially sent to TechCrunch UK & Ireland. Chris Price remains in place as the last of the company’s founders.
The full statement, copied below, talks of the current tough financial climate and the toll it has taken on the new media company. Shiny Media has “held on as long as [it] could without restructuring the business” but that long-term stability has now forced its hand.
It would be inappropriate of me to discuss the situation beyond what’s officially been written (Disclosure: I’m a freelance writer with Shiny Media), except to say that I fully echo the sentiment that I’ve worked with some “very talented and extremely likable individuals”.
Where Shiny Media goes from here remains to be seen, but you can be sure there’ll be plenty of people determined to keep Shiny not only afloat but increasing in strength.
The full press release reads:
Moving Shiny forward
You don’t need me to tell you that that we are in the midst of some very tough times and sadly they affect new media networks like Shiny too.
We have held on as long as we could without restructuring the business but we now have to make those changes to secure the long-term stability of Shiny.
It is with huge regret that we are having to part company with several members of our team. They are very talented and extremely likable individuals, however ultimately in the current climate we are faced with no choice but to let them go.
We also announce today the departure of our editorial director and co-founder Katie Lee from Shiny. Katie played a massive role in developing Shiny and in particular several of its hero blogs. She has now decided that the time is right to leave the business. She does however remain a significant shareholder in Shiny and we are very grateful for all she has done over the years.
Shiny is a British new media success story. We have built a stable of great media brands that between them attract over three million readers each month. Times maybe tough now, but we are confident that this move, though painful in the short term, will leave us well placed to thrive and prosper in the future.