Wednesday 19 September
Powered by Ajaxy
Dec 7, 2017 @ 12:43

Mashable bought by publisher Ziff Davis for $50M

 

By  Agence France-Presse

Struggling online news site Mashable is set to be bought by Ziff Davis, a subsidiary of tech company j2 Global, a spokesman said Tuesday.

The once-vaunted outlet, which was valued at $250 million less than two years ago, will be sold for less than $50 million according to Recode, which first reported the acquisition.

Mashable has been in trouble for several months after failing to live up to huge growth rates it had promised investors.

Much of the decline is attributable to Google and Facebook’s growing chokehold on the online advertising market.

The existence of talks between the two parties was reported by the Wall Street Journal last month.

Recode reported that Ziff Davis plans to ax around 50 positions and refocus Mashable on technology, which was its niche before it branched out to other areas including politics and pop culture.

Ziff Davis is known for managing several highly specialized sites including AskMen, PCMag and IGN in its four core areas of technology, gaming, healthcare, and shopping.

Mashable’s founder Pete Cashmore, who started the site as a blog in 2005 when he was 19, will remain at the company.

 

Tags: , , , , , , , ,

Related Stories
BuzzFeed has given up on going public for now and Mashable is looking for an
Facebook will pull Onavo Protect virtual private network application from the App Store after getting
Netflix sacked its chief spokesman Jonathan Friedland, he revealed on Friday, after he used the
British advertising bellwether WPP sought Wednesday to reassure investors over the recent controversial exit of


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.