The Wall Street Journal: Online publisher Mic lays off staff, sells to Bustle for $5 million

Mic’s homepage Thursday.

Digital publisher Mic Network Inc. has agreed to sell itself to women-focused publisher Bustle Digital Group for about $5 million, according to a person familiar with the matter — a fraction of Mic’s valuation less than two years ago.

Mic laid off almost all of its employees ahead of the sale, another person familiar with the matter said. Mic co-founder Chris Altchek informed employees of the layoffs during an all-hands meeting Thursday, the person said. Bustle plans to reinvest in rebuilding Mic’s editorial staff in 2019, according to a third person familiar with the matter.

The selling price is a fraction of Mic’s $100 million valuation based on its investment round announced in April 2017.

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