Cripes.

This I do not like.

 A memo today from Gawker Media honcho Nick Denton announces that he is laying of 19 of his 133 editorial positions and also suspending bonus payments, of which he forks over $50,000 a month. He notes also that advertising is up 30% over a year ago. He also confirms the hire of Gabriel Snyder to run Gawker.com, as we announced earlier this week. Gawker Media employees believe they will receive a "massive" pay cut without the bonuses—approximately 1/3rd of their current income. "There is no escaping the fact that we're losing some excellent colleagues and the environment next year will be bleak," writes Denton. In addition, Denton has let go Moe Tkacik, one of his most recent hires. The memo follows.

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http://www.radaronline.com/exclusives/2008/10/gawker-media-laying-off-19-workers.php#more