A lot of digital media companies are said to be looking for buyers, facing the same pressures that forced Mic to sell at a fire sale. But the Mic sale, combined with overall business pressures, suggest they won’t get the price they hope for.
Once high-flying Mic raised $US60 million to build a media company to target millennials, but it sold to Bustle Media Group for a reported $US5 million. The deal struck resemblance to another new-media darling Mashable that sold at this time a year ago for about $US40 million, one fifth of its onetime value.
Now, the buzz is that other investor-backed companies such as Refinery29, Vox Media, and Vice Media might look for an exit. Refinery29 and Vice said they’re not for sale. Vox said it would evaluate opportunities to “acquire or partner” with companies in 2019.
To read more about how Mic’s sale has the media business buzzing with rumours of potential deals, click here.
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