“The owner of the Daily Mail, the publisher that bought Elite Daily in January 2015, says the New York-based startup has been a bust, and has written down all of its investment in the money-losing company, citing ‘poor performance.’ It is taking a $31 million loss in the process.”— Peter Kafka, recode.netTagged: Media Acquisitions, The Present Of Media, Elite Daily, Daily Mail, Jon Steinberg
“Reports at the time of Elite Daily’s sale pegged the price at $40 million to $50 million. But a financial report from the Daily Mail and General Trust says the company paid 17.6 million pounds for the company — about $26 million dollars at 2015 exchange rates. It’s possible that retention bonuses or…”— Peter Kafka, recode.netTagged: Media Acquisitions, The Present Of Media, Elite Daily, Daily Mail, Jon Steinberg