Deadspin, a Chicago-based sports commentary blog, laid off all of its staff on Monday after the outlet was sold to a European startup firm, according to CNN.
Jim Spanfeller, CEO of Deadspin’s now former parent company G/O Media, reportedly sent a memo to the staff before the sale, stating it had been approached by Lineup Publishing, a company looking to add the blog to its growing media holdings.
In the email, which has been cited by CNN and posted on social media, Spanfeller said the company’s board had not been looking to sell Deadspin at the time, but ultimately accepted Lineup Publishing’s offer.
“The rationale behind the decision to sell included a variety of important factors that include the buyer’s editorial plans for the brand, tough competition in the sports journalism sector, and a valuation that reflected a sizable premium from our original purchase price for the site,” Spanfeller wrote.
“Deadspin’s …