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Imeem Dismissing One-Fourth Of All Employees

May be up for sale, too

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What a week for Imeem.  Yesterday, it introduced an Android application to rave reviews.  Today, its site became home to the new Guns N’ Roses single.  Unfortunately, between those two developments, word spread that about 25 percent of the company’s employees were laid off, and rumor has it that Imeem is up for sale, as well.

We’ll start with the layoffs, which have been confirmed.  Matt Graves, Imeem’s vice president of marketing, explained to Caroline McCarthy, "There’s not as much money floating around the market, and we had to cut our costs to accommodate."

He then noted that, more specifically, cuts were made in the "finance, marketing, communications, product, [and] technical operations" departments.  So it looks like the company is truly taking cover, and not just shedding fat.

As for the idea of new ownership, Rafat Ali reports, "Online music-focused social network Imeem is on the block, according to our sources, and has hired investment banker Montgomery and Co. to lead the sale."

A brief glimpse at the banking organization’s site confirms that this is its specialty; nine of the 18 press releases it’s put out this year follow the format of "Montgomery & Co. Advises ____ in its Acquisition."  Two more substitute the word "Sale" for "Acquisition."

Brace for some big changes, then, and at the rate Imeem’s moving, don’t be surprised if they occur in the near future.

Imeem Dismissing One-Fourth Of All Employees
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