Mic Lays Off Majority of Staff and Is Bought by Bustle for $5 Million
Some blame the layoffs on Facebook’s cancellation of Mic’s Facebook Watch series, “Mic Dispatch,” which was estimated to bring in $5 million annually.
Last Thursday, millennial-focused digital news site Mic laid off most of its editorial staff and was subsequently bought by the Bustle Digital Group for $5 million, reports Recode. Mic co-founder and CEO Chris Altchek announced the layoffs at an all-employee meeting on Friday. Approximately 30 staffers of more than 100 will remain at Mic, including Altchek and co-founder Jake Horowitz, says Recode. As severance, most employees would receive one month of pay and health care. They were told to clean out their desks by the end of the day and that their computer access would be shut off at 2 p.m. on Thursday, says The New York Times.
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