Reports: SpinMedia on the Block Looking to Sell

Discussion in 'Article Discussion' started by Melody Bot, Aug 25, 2016.

  1. Melody Bot

    Your friendly little forum bot. Staff Member

    This article has been imported from chorus.fm for discussion. All of the forum rules still apply.

    NY Post:


    Perpetually struggling SpinMedia, the collection of music and pop culture websites once known as Buzz Media, is officially on the block, sources tell Media Ink.

    The company, which snapped up both Vibe and Spin and promptly converted the music magazines to all-digital sites, has retained the investment bank Petsky Prunier to shop for a buyer.

    The websites, which also include The Friskly, Idolator, Go Fug Yourself, Celebuzz, Buzznet, Death & Taxes and others, is estimated to be losing at least $5 million a year on revenues of around $18 million, sources said.

    I feel bad because a lot of people I know are probably going to lose their jobs. But the writing has been on the wall for half a decade, at least.

     
    Dirty Sanchez likes this.
  2. red8ge

    Regular

    i like that Buzznet's post scene business strategy seems to be "buzzfeed content for people who accidentally click the wrong site"
     
  3. spencpants

    Can I pet your dog? Prestigious

    Jason Tate likes this.
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