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Defy Media, parent of Smosh and Clevver, is reportedly shutting down

The news comes after reports the company will close its Beverly Hills office.

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Ian Hecox, handing out a Streamy award with Smosh contributor Mari Takahashi, help found the YouTube comedy powerhouse more than a decade ago, shooting grainy videos in his best friend's childhood bedroom.  

Kevin Winter/Getty Images

Defy Media, the parent company of YouTube giants Smosh and Clevver, is apparently shutting down and laying off employees.

"Regretfully, Defy Media has ceased operations today," the company said in a statement Tuesday night, according to Variety. "We are extremely proud of what we accomplished here at Defy and in particular want to thank all the employees who worked here. We deeply regret the impact that this has had on them today... Unfortunately, market conditions got in the way of us completing our mission."

Defy didn't immediately respond to a request for comment.

Ian Hecox, co-founder of Smosh, said in a tweet Tuesday that Smosh is "already in the process of finding a new home and will update you all as soon as we can."

Clevver executive producer and host Joslyn Davis also tweeted on Tuesday that Clevver is looking for a new home. 

Smosh has more than 23 million YouTube subscribers. ClevverTV has more than 2 million subscribers on YouTube, in addition to the over 4 million subscribers on its news channel and another nearly 3 million on its style channel

Defy has reportedly suggested that it's looking for buyers for its properties.

"Our main focus right now is to find homes for these great brands and people so that they can continue to thrill and delight their millions of viewers with as little interruption as possible," Defy said in its statement, according to Variety.

The news of Defy's closure comes after reports the company was closing its Beverly Hills office on Jan. 2 and laying off its employees there. At least 80 employees will be affected, according to Tubefilter. In March, Defy reportedly laid off 8 percent of its workforce, or about 20 employees.