Wave Sports and Entertainment, a Santa Monica-based sports media startup, laid off 56 employees in June 2022, representing about one-third of its staff and reducing its workforce to 110 people. The company cited worsening economic conditions and a need to focus on core areas like storytelling and league partnerships, with most cuts coming from supporting functions. This restructuring occurred just months after the company raised a $27 million Series B round in February, with backing from investors and star athletes. WSE produces digital sports content for platforms like Snap and TikTok, reaching over 115 million followers globally.
