Mic is in talks to sell its assets to Bustle for a reported $10 million, according to multiple published reports. That price, first reported by The Information, would represent a significant discount on Mic’s valuation as compared to when it raised $60 million from investors such as Lightspeed Venture Partners and Time Warner Investments.
Mic has been struggling financially since Facebook cancelled its deal for Mic Dispatch, a weekly news show on Facebook Watch that the millennial news publisher hailed this summer as “a big moment for the company in terms of growth and journalistic excellence.”
Mic’s Publisher Cory Haik also packed up her personal belongings this week. Here is Haik’s note to Mic employees announcing her departure:
It is with great sadness that I write to you this morning to resign my position as Publisher. It is also with great pride. Journalism is a tough business, and ours, the business of digital journalism, even more difficult. But that is not the legacy of your work at Mic.
It is a privilege to do what we do. It is not to be taken lightly, even in the easiest of circumstances. Telling stories takes an integrity and commitment to something greater. Truth, as they say, is complicated. It is your important charge to get to the closest version of that as you can. I joined Mic three years ago to help this organization do just that. I can say with confidence that every single day, we inched a little closer. When I look at your body of work over the recent months, I am in full awe and so honored.
In this exact moment, you may be thinking, rethinking, your professional choices. Please understand that journalism needed, needs your voice. In yours, our, relative short time at Mic; that voice was heard. You made known the struggles and triumphs of people that might otherwise have gone unreported – and not just through writing or video, but also through product, technology, design, data, social and distribution, brand and communications, development, sales, human resources, finance – every single person at Mic has contributed to this great mission. That is not to be diminished and will not go away. You have also contributed meaningfully to a journalistic future that considers and will approach topics, stories, subjects with a different care and awareness than before. That is to be admired and celebrated.
What you hear less about the truth is that it is expensive. Our business models are unsettled, and the macro forces at play are all going through their own states of unrest. If anyone tells you they have figured it out, a special plan to save us all, or that it’s all due to a singular fault, know that is categorically false. Like the truth, it is indeed complicated, I am proud to have been a part of an org that earnestly tried to solve some of these confounding issues. And I hope you all take some comfort in knowing that your work will transcend this moment. It’s a rare thing to be able to align your passion and your life’s work, I am grateful that you all allowed me to do that alongside you.
Yours in truth,