advertisement
advertisement

Layoffs loom for Mashable as site reportedly sells for less than $50M

Layoffs loom for Mashable as site reportedly sells for less than $50M
Pete Cashmore, CEO & Founder at Mashable.com [Photo: Slaven Vlasic/Getty Images for Advertising Week New York]

The digital media bubble continues to show signs of bursting. Recode reports that Mashable–once valued at $250 million–is selling itself to publisher Ziff Davis for less than $50 million. The site will reportedly lay off about 50 employees and refocus coverage on “tech and tech-lifestyle content.”

Mashable employees are reportedly being informed about their employment status today.

Mashable isn’t the only company feeling hard times. BuzzFeed announced a series of layoffs last week. As I wrote, this development could be interpreted as an indicator of the increasing headwinds faced by digital media companies operating against the Facebook/Google duopoly. We’ll have to wait and see what the next media crisis will be.CGW