Tuesday, March 19, 2024

Loop Media Swizzles Execs, Cuts Staff, Seeks Buyer

Glendale-baed Loop Media said Monday that it has appointed a new, interim CEO, has changed other executives, and has laid off staff--and is now seeking "potential strategic alternatives and financing opportunities". The company provides multichannel, streaming TV, including music videos, sports, news, premium entertainment channels and digital signage for businesses. According to the company, its CEO, Jon Niermann, is stepping down, and Justis Kao has been appointed Interim CEO; Niermann was most recently the company's Chief Content Officer. The company also said Bob Gruters, the company's Chief Revenue Officer, has resigned to "pursue another business opportunity" outside the company, as is the company's COO and Chief Marketing Officer, Randy Greenberg. The company also said it has "laid off and furloughed" certain employees, but did not say how many.