News Byte

Tumblr President John Maloney Leaves

John Maloney, who has steered day-to-day operations at Tumblr for nearly four years, is stepping down. The company hasn’t announced a replacement for Maloney’s president slot. Maloney had previously employed Tumblr CEO David Karp at Urban Baby. Last week, Karp announced that his company, which has yet to generate significant revenue, would start selling advertising.

CBS Interactive/CNET Re-Org: The Complete Memo

CBS paid $1.8 billion for CNET last summer, and today it is dealing with the consequences: A re-org and layoffs. CBS execs won’t release a total for the number of people fired, so news will be coming out in piecemeal fashion for some time. In the meantime, here’s CBS Interactive’s new corporate structure, detailed in an internal memo distributed late today.

Who Said Web 2.0 Was R.I.P.? Microblog Tumblr Raises $4.5 Million, Expectations.

Tumblr is exactly the kind of start-up that’s supposed to be gasping for air in today’s dismal economy: A trendy but niche Web service with a prominent founder and exactly zero revenue. Instead, it has raised a $4.5 million funding round from Union Square Ventures and Spark Capital, which values the company at around $15 million.