TheStreet.com—a financial news site started by Jim Cramer in 1996—laid off roughly half a dozen employees yesterday afternoon, Media Mob has learned.
Earlier this afternoon Editor-in-Chief David Morrow confirmed that there had been layoffs but declined to say exactly how many; and, according to Mr. Morrow, the cuts were not indicative of financial problems at The Street.
(According to recent financial filings, during the nine months ending in Sept. 2007, The Street racked up $45.5 million in revenue, an increase of 25 percent over the same time period in 2006.)
Rather, he said the cuts were part of a shift in editorial resources.
“We had a rightsizing,” said Mr. Morrow. “I switched around the staff to make it more focused on what people come to us for: business news and enterprise reporting.”
According to Mr. Morrow, www.thestreet.com will undergo a major redesign sometime in the coming weeks. He said he wants to hire a reporter to cover China, someone to write about India, and a high level editor.
He declined to say what positions had been cut yesterday, except to say that he had not fired any beat reporters and that the firings had included people on the copy and personal finance desk.
“We are hiring,” said Mr. Morrow. “I just need to have people in the right spots.”