The website Recode reported that in the US spring of 2016, Time Warner's Turner led a round of investment that valued the site at US$250 million.
The report said that while Ziff Davis planned to keep the site going, it would be cut back to carry technology and tech-lifestyle content.
This would lead to the loss of about 50 staff and offering some Mashable employees other jobs in the Ziff Davis stable of publications.
Recode said that Ziff Davis specialises in running low-cost publishers which generate most of their revenue from affiliate commerce.
News of the sale of Mashable comes a week after online news site BuzzFeed said it was laying off about 100 workers as it searched for new means of augmenting revenue.
Cashmore wrote to staff, telling them of the changes. "At our last meeting, you asked whether there would be changes to the organisation post-acquisition. Unfortunately, I must confirm that this will be the case," he said in a letter.
"It is never easy to see colleagues and friends depart the company. While such decisions are difficult and painful, I can assure you they were made only after very careful consideration and based on what we firmly believe will provide Mashable with a strategy and structure that will drive a successful, sustainable and profitable future."