Uh-oh. Just a month after Gina Bianchini, co-founder of build-a-social-network service Ning, departed the company, it's cutting 40 percent of its staff and axing its free, ad-supported service.
Bianchini had co-founded Ning with Valley legend Marc Andreessen, and it had raised $119 million in venture capital, including a whopping $60 million round in early 2008 that Andreessen famously characterized as a stockpile for the "nuclear winter" that would help get it through the economic recession.
Jason Rosenthal, the Ning COO who took over as CEO from Bianchini, sent an e-mail memo to company staffers on Thursday that somebody forwarded to industry blog TechCrunch. He explained that Ning will be focusing on premium networks--which come with additional features and are not ad-supported--because that's where the company's business successes have been, thus far.
http://news.cnet.com/8301-13577_3-20002611-36.html
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