NEW YORK (Hypebot) – A "restructuring" is in progress as now former Spin Editor-in-Chief Craig Marks is out. Marks says that, though his recent time at Spin was brief, he had a positive experience and hopes he "helped lay the groundwork for Spin to be good and relevant and meaningful." This departure is being attributed by the New York Post to a new phase of cost-cutting. In addition, SpinMedia has received a new funding round of $7.5 million.
Craigs Marks became Spin Editor-in-Chief, replacing Jem Aswad, back in June.
Marks was Editor-in-Chief of Spin in the 90s, a very different time for print media, but came to Spin fully committed to making the shift to a digital age.
Keith J. Kelly reported the exit for the New York Post. He also revealed a new $7.5 million round of funding for SpinMedia which owns Spin, Vibe and a number of other music sites.
Kelly says new SpinMedia CEO Stephen Blackwell "confirmed Marks departure and the new investment, which sources said was led by M/C Group."
Blackwell also emailed Kelly:
"Craig has amicably departed from Spin in the restructuring. He took the opportunity to pursue other interests, specifically a follow up to his book."
Andrew Beaujon spoke with Craig Marks by phone who said the exit was "not performance-related" and that:
“It was a mutual and amicable decision that I would leave…With the new CEO and the new regime it felt like the right time to part ways. I would like to pursue other interests including trying to finally get a bead on my next book…I sincerely hope I helped lay the groundwork for Spin to be good and relevant and meaningful”
Beaujon also spoke with Stephen Blackwell who said they would soon be adding "more editing talent."