Home Deals 50 staff to go as Ziff Davis buys Mashable in fire sale

Digital media website Mashable will lose about 50 staff after it was sold to Ziff Davis in a fire sale at a price of less than US$50 million.

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.

The founder of Mashable, Pete Cashmore, is said to be staying in place.

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."

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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