SoftBank-backed Jellysmack has spun off its 'Jellysmack Originals' business into a new entity called Blue Foxes.Blue Foxes, led by former Jellysmack VPs, will operate some of its social brands.Jellysmack has undergone layoffs and strategy shifts in recent months.Jellysmack will continue operating the Law&Crime Network and focus on US-based IP and YouTube.