Update: Editorial director A.J. Daulerio has been let go as well, according to Poynter.

SpinMedia, the parent company of SPIN and Vibe among several others, has been hit by a round of layoffs, according to a memos obtained by Poynter, as well as tweets from terminated employees.

In an email, company spokesperson Julia Walker explained to Billboard.biz that the company is restructuring its relationship with several properties it owns. "We’re converting select sites from the SpinMedia collection from wholly-owned to partnerships, consolidating some of our back office functions and streamlining various other parts of our organization," Walker said, in an effort to "focus on sites that matter most to entertainment-savvy millennials." It's not yet clear which of SpinMedia's properties will be affected, though tweets sent from some former staffers hint at which.

Drew Beringer, until today a senior editor for AbsolutePunk.net, said in a tweet that "the company has no money." Writer Sara Scoggins tweeted that she had been let go, as well as promotions editor Megan Reynolds.

It's been a tumultuous year-and-change for the web-focused SpinMedia. Not long after announcing plans to relaunch the print version of Vibe in September, the company named Dale Strang as CEO, outing Steve Hansen. Its renaming in May (it was once known as Buzzmedia) came on the heels of drastic layoffs two months earlier. As well, a new CRO was named early this past summer. Caryn Ganz, SPIN's editor-in-chief was replaced in June by Jem Aswad (the former editor of Billboard.biz). Shortly thereafter, the company named former Gawker editor A.J. Daulerio to the position of editorial director, saying at the time that he'd been tasked with putting SpinMedia's publishing properties "a little more out there in the mainstream." The previous year, as Buzzmedia, the company purchased SPIN, ceasing publication of the print magazine a few months later, as well as replacing its editor-in-chief, Steve Kandell, along with several other staffers.