Top editor exits digital version of Spin

In the latest round of belt-tightening at Spin Media, Craig Marks is out as Spin.com’s editor-in-chief after just three months.

Along with the cost cutting, the backers of Spin Media agreed to sink another $7.5 million into the money-losing venture — on top of $10 million in February.

The earlier strategy of boosting traffic and revenue appears to have given way to “slashing costs to the bone” in the hopes Spin Media can reach profitability with its current revenue base, according to one source.

As a result, top-paid employees are exiting the owner of newer digital properties like The Superficial, Celebuzz and Stereogum along with legacy brands Spin and Vibe.

Marks, who edited Spin once before when it was still a print magazine, is the fourth editor in two years.

Tom Morrissy, the chief revenue officer and a veteran of OK! and Entertainment Weekly, was also let after just five months on the job.

Dale Strang, a former top executive at Vibe who was made CEO in September 201, was booted upstairs in August.

Last month, Stephen Blackwell replaced Strang, who remains chairman, as CEO after Spin acquired his site, Death and Taxes.

Blackwell confirmed Marks departure and the new investment, which sources said was led by M/C Group.

“Craig has amicably departed from Spin in the restructuring. He took the opportunity to pursue other interests, specifically a follow up to his book,” said Blackwell in an email.

Marks and coauthored “I Want My MTV, an oral history of the network, with Rob Tannenbaum.

“The strategy [going] forward is 100 percent focus on editorial, audience growth and product alignment,” Blackwell said. “We’re very excited to deliver an incredible new experience to our influential, socially active audience.”