Confirmed, SAY Media Exits Media Business, Layoffs Hit Canada

SAY Media1Last month SAY Media announced further plans to adjust their business model get our of the media business as they continued to sell off properties they owned such as ReadWrite and xoJane. The company has been in a shift for over a year, you may recall back in May 2013 they laid off 10% of their workforce.  Last week they announced further changes as SAY bought out its existing investors in hopes to return as a publishing platform, after completely selling off all of its media properties.

We had a number of readers ask us whether the changes at SAY’s headquarters would also impact the team here in Canada and we can now confirm that they will in fact have a small bearing on Canada, according to a media contact we reached out to:

“With this kind of shift, it was expected that certain skill sets would no longer be essential to operations and we eliminated a handful of positions directly related to the support of the properties that we are divesting. On the flip side, we are hiring for more positions than we’re eliminating. Most of these new roles are in engineering, design and product.”

No word on how much it cost SAY Media to buyout its investors.