Internet media company begins search for replacement as it seeks new funding
A Machinima rep confirmed that the company has begun a formal search for a new CEO, spinning the move as “a positive step in Machinima taking business to the next level.”
AllThingsD broke the story, quoting DeBevoise as saying the company at this stage needs “professional management.” He’ll stay on as chairman after a new CEO is hired.
Machinima — one of the biggest YouTube multichannel network producers — targets young male auds with original content including scripted series, animated shows and gameplay videos.
The company said it is seeking a new round of funding. In May 2012, Machinima raised $35 million in funding led by Google with returning investors Redpoint Ventures and MK Capital.
Meanwhile, Machinima confirmed that president and co-founder Philip DeBevoise (Allen’s brother) and EVP of network programming Aaron DeBevoise (Allen’s nephew) will exit by the end of the year to pursue new ventures, as first reported by TubeFilter.
Machinima recently hired Stephen Semprevivo as president and general manager. He has worked with Machinima as a consultant for roughly seven months and is now with the company full-time to lead overall operations within the company.