Paper Magazine shutters editorial operations, announces layoffs

The following excerpt was sent out by adweek.com:

The staff of Paper Magazine, the music and pop culture publisher made famous by the 2014 “Break the Internet” photo shoot with Kim Kardashian, was laid off Wednesday, according to sources familiar with the situation. It’s the latest in a grim series of layoffs across the media industry.
The publisher did not respond to a request for comment.
The layoffs affect between 20 to 30 full-time staff. Their last day will be April 28, Adweek has learned. Editor in chief Justin Moran will remain with the company through May, although editorial operations will cease immediately.
The publisher itself is not shuttering, but is instead seeking to cut costs as it looks toward alternative options to remain in operation. One potential investor has expressed interest, according to a person familiar with the matter.
Publisher Tom Florio, who announced the layoffs, told staff that the advertising downturn of the last year prompted the decision. Paper follows in the footsteps of dozens of other digital media publishers, including Insider and BuzzFeed News, that have cut or shuttered titles in response to a depressed media buying climate.