No truer words, perhaps, for a business that, for a decade, paddled in a warm bath of venture capital funding but never fully controlled its pricing and distribution, a fundamental business requirement.
A pioneer of the internet news business, BuzzFeed News, which walked away with a Pulitzer prize for international reporting in 2021, said it was shutting down on 20 April after shares in the company had tumbled 90% since it went public. Jonah Peretti, the chief executive, said the company could "no longer continue to fund" the site. But that was just one of the pieces of bad news that has hit the digital media sector.
Vice News, another pioneer that once achieved a $5.7bn valuation, said it was reorganising its news operation and cutting jobs as it prepared for a sale. Last Friday, Vice was reportedly nearing a $400m acquisition deal from Fortress Investment Group and Soros Fund Management. The deal, which would save the company from liquidation, would wipe out nearly all Vice stockholders, including the private equity firm TPG Group, Sixth Street Partners and James Murdoch.
هذه القصة مأخوذة من طبعة May 12, 2023 من The Guardian Weekly.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 12, 2023 من The Guardian Weekly.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Finn family murals
The optimism that runs through Finnish artist Tove Jansson's Moomin stories also appears in her public works, now on show in a Helsinki exhibition
I hoped Finland would be a progressive dream.I've had to think again Mike Watson
Oulu is five hours north from Helsinki by train and a good deal colder and darker each winter than the Finnish capital. From November to March its 220,000 residents are lucky to see daylight for a couple of hours a day and temperatures can reach the minus 30s. However, this is not the reason I sense a darkening of the Finnish dream that brought me here six years ago.
A surplus of billionaires is destabilising our democracies Zoe Williams
The concept of \"elite overproduction\" was developed by social scientist Peter Turchin around the turn of this century to describe something specific: too many rich people for not enough rich-person jobs.
'What will people think? I don't care any more'
At 90, Alan Bennett has written a sex-fuelled novella set in a home for the elderly. He talks about mourning Maggie Smith, turning down a knighthood and what he makes of the new UK prime minister
I see you
What happens when people with acute psychosis meet the voices in their heads? A new clinical trial reveals some surprising results
Rumbled How Ali ran rings around apartheid, 50 years ago
Fifty years ago, in a corner of white South Africa, Muhammad Ali already seemed a miracle-maker.
Trudeau faces 'iceberg revolt'as calls grow for PM to quit
Justin Trudeau, who promised “sunny ways” as he won an election on a wave of public fatigue with an incumbent Conservative government, is now facing his darkest and most uncertain political moment as he attempts to defy the odds to win a rare fourth term.
Lost Maya city revealed through laser mapping
After swapping machetes and binoculars for computer screens and laser mapping, a team of researchers have discovered a lost Maya city containing temple pyramids, enclosed plazas and a reservoir which had been hidden for centuries by the Mexican jungle.
'A civil war' Gangs step up assault on capital
Armed fighters advance into neighbourhoods at the heart of Port-au-Prince as authorities try to restore order
Reality bites in the Himalayan 'kingdom of happiness'
High emigration and youth unemployment levels belie the mountain nation's global reputation for cheeriness
