Demand Media Loses CFO As Revenues Decline

Santa Monica-based Demand Media said Monday afternoon that it has lost its CFO, Mel Tang, who the company said will depart at the end of the year. Reason for the departure was not given. The announcement was made as Demand Media reported its third quarter 2014 results. Demand Media reported $41.3 ‌in revenues for the third quarter, down from $50.7M in revenues in the third quarter of 2013, or a decline of 19 percent. The company also reported a net loss of $223.8M, compared with a loss a year ago of $10.4M. The big loss came due to a goodwill impairment charge of $232M, which the company said came due to revenue declines attributable to lower traffic and monetization yields on certain Content & Media properties. The company attributed the revenue decline to lower ad monetization yields on its properties.