YouTube multichannel network Machinima announced Monday that Chad Gutstein, former chief operating officer at Ovation television network, will become the company’s new chief executive.

Gutstein replaces co-founder Allen DeBevoise, who stepped down from the chief executive role in November but remains chairman.

The video game-centric network, headquartered in West Hollywood, announced an $18 million financing deal earlier this month with Burbank’s Warner Bros. Entertainment, MK Capital, Redpoint Ventures and Google Capital. That investment came just a week after Machinima announced it laid off 42 employees. It also laid off 22 last September.

It’s been a busy few weeks for local multichannel networks.

The Walt Disney Co. said earlier this month it would pay up to $950 million for Culver City’s Maker Studios, while Fullscreen, also of Culver City, announced last week it had acquired gamer-oriented site ScrewAttack. Collective Digital Studio of Los Angeles also publicized last week that it garnered an eight-figure minority investment from German media giant ProSiebenSat.1 Group.

Gutstein said in a statement that he plans to increase profits by “engaging original programming, nurturing the best affiliate channel partner program and creating innovative solutions to help marketers reach our young, male and highly mobile audience.”