Popular news site for millennial Mic has laid off its entire editorial staff and has been bought by Bustle, TopNaija.ng can confirm.
Mic’s co-founder and CEO Chris Altchek, at an all-hands meeting on Thursday, announcing that Mic could no longer survive as an independent media company.
Altchek said the decision was made after Facebook cancelled a lucrative deal and left them with no alternative.
“Facebook caught us by surprise at a really bad time,” he said.
“Immediately, we have no choice but to give notice to the whole company in order to be in a position to be able to pay severance.”
Later on, Mic’s Publisher Cory Haik announced her resignation in an email to staff.
“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,” Haik said.
Later Thursday afternoon, Bustle CEO and founder Bryan Goldberg announced that the company had concluded arrangements to buy Mic.
When Huffington Post asked to confirm the sack of all editorial staff apart from Mic’s co-founder, a spokesperson said: “Yes that’s right.”
Founded by Chris Altchek, Mic is an American internet and media company based in New York City that caters to millennials. Originally known as PolicyMic, it rose to prominence after its on the ground coverage of the Tunisian Revolution. In April 2014, the company reached 19 million unique monthly visitors.