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.
Diese Geschichte stammt aus der May 12, 2023-Ausgabe von The Guardian Weekly.
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Diese Geschichte stammt aus der May 12, 2023-Ausgabe von The Guardian Weekly.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Starlink's conquest of the Amazon leaves Brazil in a dilemma
The helicopter swooped into one of the most inaccessible corners of the Amazon rainforest. Brazilian special forces commandos leaped from it into the caiman-inhabited waters below.
Dalai Lama's mountain town feels the strain of tourist boom
SUVs and saloon cars pass slowly along McLeod Ganj's narrow one-way Jogiwara Road, blaring horns at pedestrians and scooter riders and playing loud music.
'I am all the world' The brutal rule of a West Bank settler
Palestinians tell ofblacklisted Yakov's reign across the Jabal Salman valley and heisjust one of many violent bosses
Stormy waters New flashpoint emerges in South China Sea dispute
Hopes that tensions in the South China Sea might ease have been short lived.
'Justice delayed' Why trust in public inquiries to bring closure is fading
After the final report of the Grenfell fire inquiry was published, Hisam Choucair, who lost six family members in the blaze, said: \"We did not ask for this inquiry... It's delayed the justice my family deserves.\"
Celeriac soup with almond pangrattato
I'm not ashamed to say that as soon as September hits, my stick blender comes out. Just as I embrace salads when the clocks go forward in the UK, I wholeheartedly throw myself into soup season once the summer holidays end. Autumn is approaching in the northern hemisphere and I'm ready with my ladle. Celeriac is one of my favourite soup heroes, because it gives the creamiest, silkiest finish with little effort. You don't have to make the almond pangrattato, but it is a wonderful addition.
Are smoke signals telling me to make an oil change in the kitchen?
Should you that is, not can you) cook with extra-virgin olive oil? Antonio, Atlanta, Georgia, US
Going underground
A darkly humorous encounter between an American spy-cop and the members ofan eco-commune she is hired to infiltrate
All work and no play
Hard Graft, a powerfulnew London exhibition, focuses onworkers’ exploitation, from the ruined hands ofa washerwoman to mothers forced to sell their bodies
What the princess and the shaman tell us about hereditary privilege
It should have been an Instagram-perfect wedding image, but it turned out to be something more embarrassing.