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Mic Lays Off Most of Its Employees as Millennial-Focused News Startup Seeks Buyer

Friday - 30/11/2018 23:27
Mic, a New York-based digital news startup aiming at millennials, has cut the majority of its staff and is reportedly in talks to sell the company’s assets.
Mic Lays Off Most of Its Employees as Millennial-Focused News Startup Seeks Buyer

A rep for Mic confirmed the layoffs but declined to specify how many employees were pink-slipped. The company is in talks to sell to what remains of Mic to Bustle Digital Group, according to a source, confirming a Recode report.
 



[UPDATE: Bustle said Thursday afternoon that it has acquired Mic.] Recode also first reported the Mic layoffs Thursday.


Mic last year had reported having about 165 employees.

Among the layoffs, Mic publisher Cory Haik, a former Washington Post exec who joined the company in 2016 to lead editorial, audience and platform teams, resigned her post Thursday. “Our business models are unsettled, and the macro forces at play are all going through their own states of unrest,” she wrote in a memo to Mic staffers.

Word that Mic was looking to sell itself surfaced in September, when the Wall Street Journal reported Mic had considered a buyout bid from another media company.

A rep for Bustle Digital Group did not respond to a request for comment about Mic. Bustle, whose sites include Bustle, Romper, Elite Daily, and the Zoe Report, is headed by founder/CEO Bryan Goldberg. He was the winning bidder for the remaining assets of Gawker Media in July and recently hired Amanda Hale as the new publisher of Gawker, with plans to relaunch it in 2019.

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