• Term Sheet - Friday, November 30

    5 monthes ago - By Fortune

    MIC DROP Good morning, Term Sheet readers.
    Another day, another media company in distress. After unsuccessfully "pivoting to video" and laying off the majority of its staff, digital news startup Mic agreed to sell itself to Bustle.
    But here's the kicker: Mic's selling price was approximately $5 million, according to the WSJ , which is a fraction of its $100 million valuation back in April 2017. That's not a great outcome for the investors like Lightspeed Venture Partners, WPP Ventures, and others, who collectively poured nearly $60 million into the struggling publisher.
    Mic publisher Cory...
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