Fox Interactive Media, which has recently completed a massive management reorg, has decided not to move into its new office building in Playa Vista in Los Angeles, according to an email sent out by
News Corp. digital chief Jonathan Miller. FIM reports directly to Miller, who assumed the top digital role two months ago.
Last year, the
Los Angeles Times reported that the
company had committed to a 12-year, approximately $350 million lease at Playa Vista with the idea of consolidating all of FIM's 2,000 employees, who are currently scattered across the company's LA
area offices. The move was supposed to begin this month, but now the company is looking to sublet instead, "a formidable task at best in this economy," notes PaidContent.org.
The
company is also planning to lay off some employees, but it's not clear how many will be affected. PaidContent says the number is likely to be "significant" considering the company's poor first quarter
performance, in which revenues were down 11%. The blog also links to Miller's memo to the troops.
Read the whole story at PaidContent.org »