MINUTE MEDIA CUTS 12%, KILLS $200M VIDEOVERSE DEAL

The restructuring marks a significant pullback for Minute Media, which had committed roughly $200 million to acquire VideoVerse. The company, a unicorn in the media space, says the moves reflect a strategic pivot toward long-term sustainability rather than aggressive expansion. Minute Media owns the Sports Illustrated brand and operates multiple sports and entertainment properties. The decision to reverse the VideoVerse deal suggests the company is reassessing its AI investment strategy as the media industry grapples with changing consumer habits and advertising dynamics. The layoffs affect approximately 12% of staff across the organization. No specific figures on total headcount were disclosed. The move comes as the tech and media sectors continue navigating post-pandemic market adjustments and investor scrutiny over unprofitable growth strategies.