Joystiq has obtained an internal IGN memo sent by company president Roy Bahat announcing layoffs at the media site today. They currently have no accurate estimate for the number of people let go today, nor do they know if any divisions have been shut down entirely.
Bahat states in the memo, "We're doing this to reduce costs. While we've been doing well -- we're profitable and our audience continues to grow -- we're still feeling the effects of the economy, and we need to make sure we can invest where there is opportunity. Over the past couple of years, we have been focusing IGN on areas where we can not only grow, but be best in the world: serving gamers online, and serving advertisers looking to reach men. To do that successfully, we have to be as efficient as possible in our core businesses. The difficult actions we're taking today get us to where we need to be."