Red Ventures, a marketing company based near my hometown of Charlotte, just closed on its purchase of Bankrate, the umbrella for CreditCards.com, ThePointsGuy.com, and other similar businesses. But there’s bad news for the acquirees:
Sources tell The American Genius that Red Ventures’ first move today was layoffs.
We’ve reached out to Red Ventures and Bankrate’s brands for comment, so far confirming that CreditCards.com staff in Austin were surprised this morning with 34 to 37 pink slips, wiping out the executive team, some developers, and most of the social media team.
With this new acquisition, Red Ventures now has nearly 4,000 employees (375+ from Bankrate), and their slick recruiting videos shows happy team members jumping out of planes, bowling, and working with smiles.
I don’t know for certain that Points Guy staffers are being laid off but that’s the way I’d bet. Anyone heard anything? Best wishes to all those affected–getting laid off stinks, unless they give you a nice severance package, in which case getting laid off can be a pretty sweet deal.