UPDATE, 3:04 PM: The company just sent out this release: “Collaborative and fruitful discussions between Exclusive Media’s management and Dasym Investment Strategies are ongoing. Dasym will continue its support for the company. Together we have taken steps to right size our operations. We anticipate making a formal announcement regarding the go forward plan for the company within the next few weeks.”
PREVIOUS EXCLUSIVE, 2:31 PM: Layoffs have begun at Exclusive Media. I’m told that 6-7 lower-level employees were let go and more will come. This follows the Berlin bombshell dropped by Deadline that an overhaul of the company was going to happen, with co-chairmen Nigel Sinclair and Guy East heading for the exits. The catalysts for all of this change were some costly bets that didn’t pay off. Insiders say that primary investor Dasym Investment Strategies isn’t folding up shop but rather reformulating the future of Exclusive. Stay tuned.