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Custom Social Network Ning Cuts 40% of Staff, Ends Free Product

New CEO: ”We need to double down on our premium services business“

Ning, the 5-year-old social platform that allows users to create networks around a specific topic, is cutting 40 percent of its staff and killing off its free product, TechCrunch reported Thursday.

The Palo Alto., Calif.-based company announced the cuts — about 70 people in all — one month after long-time Ning CEO and co-founder Gina Bianchini was replaced by by COO Jason Rosenthal. The move forces existing free networks to either change to premium accounts or migrate their networks elsewhere.

Read more at TechCrunch.