Liberal Website Mashable sold at a fire sale price
Mashable, once a fast-growing digital publisher with big ambitions, has been sold at a fire sale price.
Ziff Davis, a digital media subsidiary of tech company J2, is buying Mashable for less than $50 million, according to people familiar with the transaction. In the spring of 2016, Time Warner’s Turner led a $15 million investment round that valued the company at $250 million.
Last month, the Wall Street Journal reported that a deal was in the works.
Mashable’s new owners plan on keeping the site running but want to refocus the company on tech and tech-lifestyle content. That will mean laying off about 50 of the site’s employees and offering other Mashable employees jobs at other Ziff Davis publications, according to a source familiar with the company’s plans, who says founder Pete Cashmore will stay with the company.