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Maker Studios to lay off 10% of staff

YouTube network Maker Studios to lay off 10% of its staff
Maker Studios, which is laying off 10% of its staff, is best known for its videos aimed at millennial viewers

Maker Studios, the online video network recently bought by Walt Disney Co., is reducing its head count.

The Culver City firm behind many YouTube stars will lay off about 10% of its 380 employees, a person close to the digital media company said on Monday.

Disney in March agreed to buy Maker for $500 million in cash, plus as much as $450 million more, depending on Maker's performance after the acquisition.

A spokesperson for Maker declined to comment on the cuts beyond a statement issued to media outlets.

"Maker’s business is constantly evolving, and we routinely reassess our internal resources and make strategic adjustments, reducing staff in some areas while actively hiring in others," the Maker representative said in a statement.

The staff reductions were first reported by Variety.

Maker, founded in 2009, is best known for its videos aimed at millennial viewers, who increasingly venture online for video entertainment. Its successes include the video series "Epic Rap Battles of History" and YouTube personality PewDiePie.

Copyright © 2015, Los Angeles Times
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