Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Mic sale highlights the risks of VC-backed media

Sara Fischer

Illustration: Lazaro Gamio/Axios

The cheap sale of Mic is bringing a lot of press attention to VC-backed media companies, highlighting the risk that comes with raising lots of money to support ad-driven media business models.

The big picture: Digital media companies tend to sell for anywhere between 2.5x and 9x revenues from the previous year, or a little higher in terms of EBITDA. They are valued at what their growth expectations will be for revenue and profit over time. The goal is to bring in money at a percentage higher than what they raised, demonstrating a growth trajectory. But companies don't always bring in revenues in multiples higher than the money that they raise, which can lead to sales, layoffs and unhappy investors.

Valuations

Vox Media (founded 2011)

  • Raised: $307.6 million (latest round, 2015)
  • Revenue: $185 million (est.)
  • Latest Valuation: $1 billion

Vice (founded 1994):

  • Raised: $1.4 billion (latest round, 2017)
  • Revenue: $700 million (est.)
  • Latest Valuation: $5.7 billion

Buzzfeed (founded 2006):

  • Raised: $496.3 million (latest round, 2016 )
  • Revenue: $255 million (est.)
  • Latest Valuation: $1.7 billion

Cheddar (founded 2016)

  • Raised: $54 million (latest round, 2018)
  • Revenue: $25 million
  • Latest Valuation: $160 million

The Athletic (founded 2015)

  • Raised: $67.7 million (latest round, 2018)
  • Latest Valuation: $200 million

Axios (founded 2016)

  • Raised: $30 million (latest round, 2018)
  • Revenue: $20 million
  • Latest Valuation: TBD

(SOLD) Mashable (founded 2005)

  • Raised: $46 million (latest round, 2016)
  • Sold: $50 million, 2017
  • Revenue at sale: $42 million (est.)
  • Peak Valuation: $250 million, 2016
  • Multiple: 1.3x

(SOLD) Mic (founded 2011)

  • Raised: $60 million (latest round 2018)
  • Sold: $5 million, 2018
  • Revenue at sale: $10 million (est.)
  • Peak Valuation: $100 million + (2017)
  • Multiple: - 12x

(SOLD) Business Insider (founded 2007)

  • Raised: $55.6 million (latest round, 2015)
  • Sold: $442 million, 2015
  • Multiple: 9x

(SOLD) The Huffington Post (founded 2011)

  • Raised: $37 million (latest round, 2010)
  • Sold: $315 million, 2011
  • Multiple: 10x

Go deeper

Ina Fried, author of Login
2 hours ago - Technology
Column / Signal Boost

Exclusive: Meta's civil rights chief aims to "turn the knob" for good

Photo Illustration: Shoshana Gordon/Axios. Photo: Meta

A year ago, Facebook brought in Roy Austin, Jr. to lead a new team focused on civil rights. Since then, he has assembled a squad of experts advising parent company Meta on everything from voting rights to hate speech to ensuring new products don't have discriminatory impact.

The big picture: Austin's team of nine must tackle those tough issues inside a company of nearly 70,000 employees serving more than 3 billion users around the world.

Go deeper (3 min. read)Arrow
Jennifer A. Kingson
2 hours ago - Politics & Policy

Momentum builds for salary transparency

Illustration: Sarah Grillo/Axios

New York City will soon require employers to supply a salary range when they're advertising a position — the biggest step yet in the growing but controversial movement for pay transparency.

Why it matters: Laws like New York's aim to give workers, particularly women and people of color, more power in job negotiations. But the rise in remote work is throwing a wrench into the effort.

Go deeper (2 min. read)Arrow
Caitlin Owens
2 hours ago - Health

Contact tracing fizzles across America

Illustration: Sarah Grillo/Axios

States across the country are scaling back their contact tracing efforts, often focusing on vulnerable communities and relying more on Americans to alert close contacts themselves after testing positive for COVID.

Why it matters: As vaccines have become available, the virus has become more infectious and life has slowly headed more toward normal, health officials have come to view contact tracing as a relatively inefficient use of resources.

Go deeper (1 min. read)Arrow