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Online media and advertising company CityGrid, the parent company of properties like Urbanspoon, Citysearch and Insider Pages, is announcing a round of layoffs today that will affect about 15% of its workforce. The company, which is part of the IAC network, currently has around 450 employees. As CityGrid CEO Jason Finger told me earlier today, the reason for the layoffs is a general shift from cost-per-click (CPC) advertising in the local space to a subscription-based and cost-per-acquisition (CPA) model. CityGrid, which is made up of some of the oldest companies in this space, based its revenue model around CPC.
As Finger told me, today’s cuts will affect a variety of CityGrid’s groups, but primarily employees in technology and support functions. He stressed that this decision was made in an effort to reduce cost, but “so we can make appropriate investments going forward.” The company wants to “shrink to…
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