SpinMedia, the massive blog network that owns VIBE, Spin and other properties, is undergoing a restructuring of its business model after running low on venture capitalist funds and facing heavy debt. SpinMedia LLC will known be known as SpinMedia Group and has brought in a veteran executive to oversee the new operation.

SpinMedia, owner of VIBE magazine, is laying off a chunk of its staff and cutting a number of its smaller web properties due to a lack of profits.

Once again, VIBE magazine has been sold. SpinMedia announced its purchase of the Urban music and fashion title, and its multiple websites, today.