The spinning continues at Spin Media.
Tom Morrissy, the chief revenue officer of Spin Media, is apparently out in a cost-cutting move after only five months on the job.
New CEO Steve Blackwell, who was the owner of the Death & Taxes blog acquired by Spin over the summer, said that with the recent changes, Morrissy will be an "adviser" to the board.
Blackwell became the fourth CEO of Spin Media in less than two years when he replaced former Vibe Media executive Dale Strang, who was bumped up to chairman after only eight months on the job.
Sources said it was neither Strang nor Blackwell who gave Morrissy the old heave-ho, but rather one of the venture backers, Dave Ingraham, from M/C Partners.
He was dispatched by the venture partners to sort things out as the backers grow leery of investing any more cash into the still unprofitable company of celebrity and music sites.
Morrissy a past publisher of Entertainment Weekly and OK! could not be reached for comment. No replacement has been named.
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