In a memo to staff members, CEO Roma Khanna explained that move was done in order to expand their operations. “We will work with more outside voices, producers, and influencers while maintaining a strong editorial core in-house,” said Khanna. “We will also create a more healthy and stable business base from which we can grow.”
Combs started the company back in 2013. Variety magazine reports that at least 50 employees will be let go between his New York and Los Angeles offices.
“This move is about strength and growth. As one of a very small handful of networks owned and controlled by the African-American community, we need to ensure we remain fiscally strong so that we can continue to authentically represent the culture,” wrote Khanna.
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(Source: Fox Business)
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