Online media company Mic is laying off a majority of its 100-plus employees and is looking to sell its remaining assets to Bustle Digital Group.
Recode first reported the news.
A company spokesperson confirmed the accuracy of the Recode article. The spokesperson said Mic is not offering further comment at this time.
Mic chief executive Chris Altchek apparently announced the layoffs at a staff meeting Thursday morning (29 November).
Cory Haik resigned as Mic's publisher. Altcheck and cofounder Jake Horowitz are likely to stay after the proposed deal with Bustle.
Haik announced her departure in a company-wide email.
"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 it figured out, a special plan to save us all, or that it's all due to a singular fault, know that it is categorically false.
"Like the truth, it is indeed complicated. I am proud to have been a part of an [organization] that earnestly tried to solve some of these confounding issues."
Mic was founded in 2011 and mainly targets a millennial audience.