Bustle Digital Group, the the acquisitive media company run by founder and CEO Bryan Goldberg, has bought indie publication The Outline just six months after the company laid off all of its staff writers, the companies announced Wednesday.
The terms of the deal were not disclosed. The Outline raised a total of $10 million in venture capital, most recently at a $21 million valuation, according to PitchBook.
Bustle Digital Group, which itself has raised more than $80 million in venture capital, has bought up several high profile media assets as of late, including Gawker.com, which it bought for $1.35 million last summer. The group also acquired Mic for $5 million in November.
The Outline was founded in 2016 by Josh Topolsky, a well-known editor and tech reporter, as a “a new kind of publication founded by journalists and storytellers.”
Despite its flashy advertising designs and sometimes-viral articles, the company struggled to endure a media ecosystem in which ad dollars once slated for publications now go directly to Google and Facebook.
“The hard thing for Josh is that the scale hasn’t been there,” Goldberg told Recod e. “It got to the point where he doesn’t have the scale behind it, and we do.”
Topolsky, as well as all 11 of The Outline’s current employees, will stay with the company under its new ownership, according to the press release.
The Samsung Galaxy Fold release date is less than a month from today, and there’s an official video demoing the South Korean company’s folding torture test. The 30-second YouTube video shows the first true foldable smartphone being folded and unfolded by machines, and no creases are in sight on the Infinity Flex Display. The Galaxy...
President Donald Trump revived a controversial talking point during an interview with Fox News opinion host Sean Hannity on Wednesday night. Trump brought up the private email server Hillary Clinton used during her time as secretary of state, and talked about the computer software called BleachBit, which bills itself as a tool designed to help...