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Twelve years after founding Mashable as a humble tech blog, Pete Cashmore announced to his employees in a memo on Tuesday morning that he sold the company to trade publisher Ziff Davis.
Cashmore said the deal was reached just this morning, despite a report on Nov. 16 that the sale had been agreed to.
He confirmed that there will be layoffs as a result of the transaction. Recode reported that 50 employees will be laid off. The company is not commenting on that number.
“While such decisions are difficult and painful, I can assure you that they were made only after very careful consideration and based on what we firmly believe will provide Mashable with a strategy and structure that will drive a successful, sustainable and profitable future,” Cashmore said in the memo, which was obtained by The Hollywood Reporter.
Cashmore said Ziff Davis loves Mashable and is committed to helping the company grow. He said that Ziff Davis wants Mashable to put more emphasis on digital culture and technology.
“Our mission has stayed the same throughout, and as part of the Ziff Davis family we will continue to tell smart, clever, in-depth and influential stories,” Cashmore wrote.
He ended his memo to staff by reflecting on his personal story. “I was 19 when I wrote my first blog post for Mashable,” he wrote. “What I’ll remember most fondly from the past 12 years is the wonderful people I’ve worked with and the great pride we all take in building this brand. I want to thank all of you for your patience and professionalism over these past few months, and I look forward to the continued pursuit of our shared mission.”
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