Artnet Makes Significant Layoffs Following Consolidation with Artsy
Artnet has laid off dozens of employees after being consolidated under the same leadership as Artsy, with sources saying the cuts heavily affected Artnet News and Artnet’s Berlin operations supporting online sales. Senior reporters Sarah Cascone and Eileen Kinsella, each with more than a decade at Artnet News, are among those no longer at the company, and Andrew Russeth is expected to serve as interim editor. A joint Artsy-Artnet statement confirmed layoffs at both companies, said Artnet’s German entity is being wound down, and stated that severance and support are being provided, without disclosing numbers. The changes follow Artnet’s financial difficulties, including its CEO’s abrupt resignation in September of last year, Beowolff Capital’s acquisition of a controlling stake, and a reported valuation of 65 million euros in May last year; Artsy CEO Jeffrey Yin was appointed to lead Artnet as well.
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This story was covered in Museum Power Plays, Digital Dreams Collapse