Perpetually struggling SpinMedia, the collection of music and pop culture websites once known as Buzz Media, is officially on the block, sources tell Media Ink.
The company, which snapped up both Vibe and Spin and promptly converted the music magazines to all-digital sites, has retained the investment bank Petsky Prunier to shop for a buyer.
The websites, which also include The Friskly, Idolator, Go Fug Yourself, Celebuzz, Buzznet, Death & Taxes and others, is estimated to be losing at least $5 million a year on revenues of around $18 million, sources said.
I feel bad because a lot of people I know are probably going to lose their jobs. But the writing has been on the wall for half a decade, at least.