Mashable sells for $50 million

Yet another internet publication has been swallowed up by a bigger publication with the announcement that Mashable has been bought by Ziff Davis for a cool $50 million. While $50 million sounds like a nice price, it was a far cry from the $250 million they were expected to sell for, however, after they reported losses of $10 million last year that valuation dropped like a rock. Variety has more on this story.

Digital-media firm Mashable has clinched a sale for the company — and it’s not for a price that founder Pete Cashmore or investors including Turner were looking for.

Ziff Davis, a tech, gaming and healthcare publisher, is buying the New York-based company for about $50 million, the Wall Street Journal reported, citing anonymous sources. That’s 20% of Mashable’s valuation of $250 million following a $15 million round of funding last year led by Time Warner’s Turner.