Digital publisher Mashable has been sold at a fire sale price which reports say is approximately $50 million.
According to Recode, Ziff Davis, a digital media subsidiary of tech company J2, is buying MashableÂ with plans on keeping the site running butÂ refocusing the company on tech and tech-lifestyle content.
That company will also lay off about 50 of the siteâ€™s employees and offering other Mashable employees jobs at other Ziff Davis publications.
Source familiar with the companyâ€™s plans say that founder Pete Cashmore will stay with the company.
Mashableâ€™s sale has come at a time when a number of online publishers that depend on digital advertising are laying off people to stay afloat.Last week,Â BuzzFeed laid off about 100 peopleÂ â€” around 6 percent of its workforce â€” as it looked for new revenue streams to augment its core â€œnativeâ€� ads business.
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