Fail // Current

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10 Year Old Girl Tased

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Stump Light: Light From a Stump

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Joe Biden's Security Detail In Car Crash: 3rd in a Week

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New Joss Stone video: beyond WTF

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Current TV Staff Suffer A “Major Bloodbath” As 80 Employees Lose Their Jobs

Today is another sobering day for the tech and media world. Current TV has confirmed that 80 people are being let go, leaving the company with 300 employees worldwide. We heard multiple reports of significant layoffs at Current TV earlier in the day. One source, whose spouse works at Current TV, warns of a “major bloodbath today at CurrentTV, across all departments,” with cuts hitting “most of the people in the LA production office, as stuff is being outsourced.”

Current Media’s COO, Joanna Drake Earl told me over the phone that the layoffs are due to a shifting of programming strategy and are not a cost-cutting measure. Current is shifting away from in-house production and towards out sourcing segments, which will be done via acquisitions, co-productions, and the use of outside studios. Layoffs took place in Current’s San Francisco, Los Angeles, London and New York offices, but the cuts were mostly made in the production and programming areas. Earl added that this year is set to be Current’s most profitable year since its launch. See the entire statement issued by Current below.

A year ago to date, the media company, which was co-founded by Al Gore and Joel Hyatt, eliminated 60 positions. The media company also recently canceled its $100 million IPO that was originally announced in January 2008. Current said in a statement that market conditions and the recession forced the company to abandon the IPO. And this summer, Current Media got a new CEO, Mark Rosenthal, who replaced Hyatt. Rosenthal was the former president and COO of MTV networks and was also vice chairman and president of media platforms at SpotRunner.

Current made headlines this year after two of its reporters were detained by North Korea in a relatively high-profile incident (the reporters were eventually released after former President Bill Clinton intervened).

Cable channel Current TV is broadcast internationally to 59 million homes with markets in regions including the United States, Italy, and the UK. Current also has a strong web presence, tapping into popular social media services like Digg and Twitter for special events like the 2008 presidential election.

The Guardian Media Group announced news of layoffs this morning and yesterday brought news of other tech layoffs, with Adobe cutting 9 percent of its staff. This week also brought announcements of from Electronic Arts and Sprint. We’ve added Current’s layoff to the TechCrunch Layoff Tracker.

Follow link for the rest of the story.Today is another sobering day for the tech and media world. Current TV has confirmed that 80 people are being let go, leaving the... more