Two years after buying Elite Daily, the Daily Mail says the Facebook publisher is worthless

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.net

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.net

Media Acquisitions The Present Of Media Elite Daily Daily Mail Jon Steinberg

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