Mic Lays Off Almost Entire Staff As Company Eyes Sale To Bustle

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Mic Lays Off Almost Entire Staff As Company Eyes Sale To Bustle

Mic Network Inc. laid off the majority of its staff Thursday morning as the digital media company considers a deal with Bustle Digital Group, a spokeswoman for Mic confirmed to HuffPost.

Chris Altchek, CEO of the millennial-centric news and opinion site, announced the decision to staff at an all-hands meeting in the office kitchen.

One Mic staffer estimated that 80 to 90 percent of the staff had been terminated. The company employed more than 100 people in September. 

The same staffer told HuffPost that many supervisors first heard about the layoffs by reading about them on Recode

The layoffs come just three months after more than two dozen newsroom jobs were axed ahead of a planned “pivot to video.” Altchek hoped the precarious move would allow Mic to become “the leader in visual journalism,” he said in August

The site was founded in 2011 as PolicyMic and quickly drew comparisons to BuzzFeed as a news and viral content aggregator. It raised more than $60 million in venture funding over its lifetime, The Wall Street Journal reported in September. 

This is a developing story. Please check back for updates.

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