Mic announced on Thursday that it is laying off the majority of its employees while negotiating a deal to sell the remainder of its assets to Bustle Digital Group, a spokeswoman from the company confirmed to The Hill.
CEO Chris Altchek announced the layoffs at a staff meeting this morning, according to Recode. The media company had more than 100 employees before this round of departures.
The layoffs come just three months after a previous set of layoffs occurred at Mic as the publication announced a plan to “pivot to video.”
Facebook recently canceled a deal with Mic to publish a news video series.
According to Max Tani of The Daily Beat, Altchek explained to employees that the cancellation of Mic's Facebook video series meant "funding has dried up and dramatically reduced interest from potential acquirers and investors."
During the meeting, Chris Altchek said the cancellation of Mic's Facebook video series meant "funding has dried up and dramatically reduced interest from potential acquirers and investors."— Max Tani (@maxwelltani) November 29, 2018
The company declined to provide further comment beyond confirming the layoffs.
Bustle did not immediately respond to The Hill about their potential acquisition of Mic.
Updated at 11:44 a.m.