Next New Networks Reorgs, Trims Staff

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Update: Next New Network’s cuts were part of a broader reorganization into “audience development” and “programming” groups.

A rep says the company laid off a “handful” of employees — which the rep characterises as fewer than 10.

Co-founder Tim Shey will lead audience development; new hire Kathleen Grace will lead programming.

Earlier: Online video startup Next New Networks trimmed its staff today, letting several employees and contractors go, we’ve heard.

We’re waiting to hear back from a company rep, but a reader says Next New Networks laid off 22 people, perhaps as much as half the staff. (See update above — number smaller.)

Not surprising: While ad dollars will eventually flow from TV to Web video, it’s going to take time (and trial and error) before someone steps on a winning business model. (Especially for content.)

The company has raised $23 million so far, according to CrunchBase, including a $15 million Series B in March ’08 from Goldman Sachs, Spark Capital, and others.

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