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The once-beloved sports activities web site Deadspin has laid off its total employees after it was acquired by a European startup.
Deadspin’s guardian firm G/O Media sold the sports site to Lineup Publishing on Monday, prompting G/O’s CEO Jim Spanfeller to inform the corporate and its properties that Deadspin was shuttering and that no workers can be retained.
“I do need to make it clear that we weren’t actively buying Deadspin,” the memo learn. “Deadspin’s new house owners have made the choice to not carry over any of the positioning’s current employees and as a substitute construct a brand new group extra according to their editorial imaginative and prescient for the model.”
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Lineup, which is predicated out of Malta, is a rising media firm that’s self-described as “devoted to creating, buying, and managing high-quality media manufacturers throughout quite a lot of sectors.”
Financials of the acquisition weren’t disclosed, though Spanfeller cited “powerful competitors within the sports activities journalism part” and a “valuation that mirrored a large premium from our unique buy worth for the positioning” as causes for accepting the provide.
“Though we’re seeing some enchancment to this point this 12 months on the promoting entrance, and I’m cautiously optimistic this may proceed, we’re cognizant of the necessity to deal with the core websites we really feel can greatest prosper within the present and future media enterprise surroundings,” Spanfeller wrote.
Roughly 12 workers have been affected by the Deadspin shuttering.
This isn’t the primary sale G/O Media has made in latest months.
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Last year, G/O bought Lifehacker to Ziff Davis in March, adopted by the sale of the women-focused web site Jezebel to Paste Journal in November.
Deadspin was bought to G/O Media in 2019 with a number of different former Gawker manufacturers.
G/O nonetheless retains possession of nine other editorial properties together with Gizmodo, The Onion, and Quartz.
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