MWD HEADER RESP AD

Two Years After Dropping Millions to buy EliteDaily.com Daily Mail is About to Eat a $31 Million Loss on The Acquisition

FORMER DAILY MAIL US CEO JON STEINBERG
At the time Daily Mail U.S acquired the then fast growing millennial news site EliteDaily.com, CEO Jon Steinberg hailed the deal as a win saying: "Now we have 50 percent of all millennials in the U.S. coming to one of our sites.” Fastforward two years after the acquisition and a year after Mr. Steinberg abruptly exited the company, Elitedaily.com is worthless and will force Daily Mail to take a $31 million loss. To be fair, Mr. Steinberg could not have seen this coming, after all, EliteDaily.com was growithing at super speeds and the goal at the time was to expand Daily Mail's digitall foot print in the U.S. But did Mr. Steinberg buy into the hype at the moment? He's since moved on to running his own company, the video news start up Cheddar.com, but a deal he sold and touted is turning out to be failure just two years after it was done at his old company.

more»




Two Years After Dropping Millions to buy EliteDaily.com Daily Mail is About to Eat a $31 Million Loss on The Acquisition Reviewed by Editor on Friday, December 02, 2016 Rating: 5
© 2016 MediaWireDaily.com a STUN Digital property

Contact Form

Name

Email *

Message *

Powered by Blogger.