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Wave Sports and Entertainment Lays Off a Third of Its Staff
Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Sports media startup Wave Sports and Entertainment (WSE) has laid off 56 people—roughly one-third of its staff—as worsening economic conditions continue to hit tech startups.
The Santa Monica-based company began laying off workers last week, the company confirmed to dot.LA. A WSE spokesperson said the “restructuring” will allow the firm to focus on “core areas of expertise” like storytelling and league partnerships, with most of the eliminated roles coming from “supporting functions.” The layoffs, first reported by Insider, leave the company with 110 employees.
“As the industry begins to face economic headwinds, this restructuring will also allow WSE to maintain its strong balance sheet position, continue aggressively investing in key growth areas and manage from a position of strength,” the spokesperson said in a statement.
The startup is only several months removed from announcing a $27 million Series B funding round in February, which attracted investors like private equity firm TZP Group and venture capital firm Crossbeam Venture Partners. Star athletes have also been drawn to WSE’s platform; Milwaukee Bucks superstar Giannis Antetokounmpo joined the company’s Series B round as a “strategic partner,” while other athlete-investors include Cleveland Browns quarterback Baker Mayfield and former Duke University basketball star Jay Williams.
WSE produces sports video content that it publishes on social media platforms such as Snap, TikTok and Facebook, reaching more than 115 million followers globally, according to the company. Its brands—which include BUCKETS, FTBL, and HAYMAKERS—offer sports highlights, commentary and athlete profiles, among other digital content.
The company is far from the only tech firm—from giants Netflix and Snap to startups like Albert—that has slashed staff or slowed hiring in recent months amid increasingly precarious economic conditions. Privately-backed companies have cited a pullback in venture funding behind their need to cut costs, with private investors now also feeling the pain of a stock market that officially fell into bear market territory on Monday.
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Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Watch: Exploring Relativity Space With Tim Ellis and Spencer Rascoff
05:00 PM | April 28, 2020
dot.LA Co-founder and Executive Chairman Spencer Rascoff speaks with Relativity Space Co-Founder and CEO Tim Ellis about 3D printing in manufacturing, going to Mars, and the future of the new space race in the latest Strategy Session.
Strategy Session: Exploring Relativity Space With Tim Ellis and Spencer Rascoffwww.youtube.com
Tim Ellis
Tim Ellis is the co-founder and CEO of Relativity, the first autonomous factory and launch service for rockets. Relativity recently created the largest robotic metal 3D printer in the world and has tested our entirely 3D printed Aeon rocket engine over 180 times. Previously responsible for bringing metal 3D printing into Jeff Bezos' Blue Origin, and a propulsion development engineer on Crew Capsule RCS thrusters, BE-4, and New Glenn. Alumni of USC and played a leadership role in launching the first student designed and built rocket into near space. Testified to the US Senate on commercial space policy and is the youngest member on the National Space Council UAG by nearly 2 decades, and directly advises the United States White House on all space policy. Has spoken at numerous conferences including CBInsights Aha! and TEDx. Relativity is backed by Playground Global, Social Capital, Y Combinator, Mark Cuban, USC, and Stanford.
Spencer Rascoff
Spencer Rascoff is an entrepreneur and company leader who co-founded Zillow, Hotwire and dot.LA, and who served as Zillow's CEO for a decade. He is currently executive chairman of dot.LA and a board member at TripAdvisor. In the fall of 2019 Spencer was a Visiting Executive Professor at Harvard Business School where he co-taught the "Managing Tech Ventures" course. In 2015, Spencer co-wrote and published his first book, the New York Times' Best Seller "Zillow Talk: Rewriting the Rules of Real Estate." Spencer is the host of "Office Hours," a monthly podcast on dot.LA featuring candid conversations between prominent executives on leadership, diversity and inclusion, and startups.
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Annie Burford
Annie Burford is dot.LA's director of events. She's an event marketing pro with over ten years of experience producing innovative corporate events, activations and summits for tech startups to Fortune 500 companies. Annie has produced over 200 programs in Los Angeles, San Francisco and New York City working most recently for a China-based investment bank heading the CEC Capital Tech & Media Summit, formally the Siemer Summit.
http://www.linkedin.com/in/annieburford
annie@dot.la
Behind Her Empire Podcast: Real Talk On Building Family And Business with Ashley Merrill, Founder of Lunya
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Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.
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