Mashable plans to downsize its video team as it moves away from developing and making shows for digital content buyers.
Twelve years after founding Mashable as a humble tech blog, Pete Cashmore announced to his employees in a memo on Tuesday morning that he sold the company to trade publisher Ziff Davis. He confirmed that there will be layoffs as a result of the transaction. Recode reported that 50 employees will be laid off. The company is not commenting on that number.
Sometimes it’s better to buy than build. That’s the real takeaway from Ziff Davis acquiring Mashable. A deal that’s reportedly worth $50 million. When you hear a number like that you don’t necessarily think fire sale, but in Mashable’s case it’s a deep discount from where the company was a year or two ago. How quickly the tables can turn.