Sep 21, 2018

Mic CEO confirms acquisition interest

Photo: Mic

The millennial-focused website Mic is considering an acquisition, its CEO and founder Chris Altchek told staff in an email Friday.

Why it matters: The company has struggled financially in light of some of the changes to the digital media landscape, including Facebook pulling back on traffic referrals to news websites last year.

Its board members met as part of a regularly scheduled meeting, and discussed possible options including an inbound acquisition offer. The meeting has been confirmed by Axios and was first reported by the Wall Street Journal.

One of Mic's biggest revenue streams was digital advertising, which, like the rest of the industry, has struggled to grow amid the dominance of Google and facebook.

In his memo to staff Altchek said the company has "diversified revenue meaningfully into Brand Newsroom and video journalism licensing and we are in a good position to continue this growth."

Read the full memo from Chris Altchek to staff below.


For those not in the office, I want to address the recent WSJ story. To offer more context, Mic has received acquisition interest. Similarly to past inbounds, we are focused on putting Mic in the best position to pursue our mission and are flattered that others recognize our value and potential.  

Journalistically, we’re doing our best work yet and reaching audiences more consistently than ever. On the business side, we’ve diversified revenue meaningfully into Brand Newsroom and video journalism licensing and we are in a good position to continue this growth.

Please let me know any questions. 

Thank you


Go deeper

Updates: George Floyd protests continue past curfews

Protesters on Tuesday evening by the metal fence recently erected outside the White House. Photo: Olivier Douliery/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday night across the U.S. for the eighth consecutive day — prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Protesters were still out en masse for mostly after curfews were in force in cities including Washington, D.C., New York City, Los Angeles and Portland — where police used pepper spray and flash bangs on a group throwing projectiles at them during an "unlawful assembly," per KATU. Portland police said this group was separate to the thousands of demonstrators who protested peacefully elsewhere in the city.

Primary elections test impact of protests, coronavirus on voting

Election official at a polling place at McKinley Technology High School in Washington, D.C. Photo: Drew Angerer/Getty Images

In the midst of a global pandemic and national protests over the death of George Floyd, eight states and the District of Columbia held primary elections on Tuesday.

Why it matters: Joe Biden, the presumptive Democratic nominee, needs to win 425 of the 479 delegates up for grabs in order to officially clinch the nomination. There are a number of key down-ballot races throughout the country as well, including a primary in Iowa that could determine the fate of Rep. Steve King (R-Iowa).

Iowa Rep. Steve King defeated in GOP primary

Rep. Steve King. Photo: Alex Wroblewski/Getty Images

State Sen. Randy Feenstra defeated incumbent Rep. Steve King in Tuesday's Republican primary for Iowa's 4th congressional district, according to the Cook Political Report.

Why it matters: King's history of racist remarks has made him one of the most controversial politicians in the country and a pariah within the Republican Party.