Digital media website Mashable is expected to confirm a sale to publishing powerhouse Ziff Davis, with a sale price of around $50m – according to reports in the Wall Street Journal.
If the change in ownership materializes it would mark a significant discount on the $250m Mashable received as recently as March last year, driven south by reports that the platform will register a loss in 2017.
Founded by Pete Cashmore in 2005 the platform initially enjoyed great success with its proven formula of a daily diet of technology-related stories charting the fast-evolving sector.
Fast forward today however and the site has lost much of its founding optimism and difficulties in securing additional funding – despite a shift to video on which the publisher had pinned high hopes.
This lack of finance is believed to have forced Mashable’s hand to pursue an all-out sale to a publisher with the resources to invest in the website to help turn it around, with initial reports suggesting that ProSiebenSat was poised to swoop.
Cashmore spoke to The Drum in March about his 10 years running the business and growing it into a digital player with an ambition to grow its entertainment credentials.