Female-focused newsletter TheSkimm is raising half-a-million dollars from the New York Times, and other investors. “TheSkimm co-founders … say the money is an add-on to a $8 million round, led by 21st Century Fox, that they announced this summer,” Recode reports. Other investors include Yannick Bolloré, CEO of French media conglomerate Havas, and media advisory firm MediaLink.
Due to continued declines in desktop ads, even top tabloid Web site like TMZ are struggling to make a profit, as the Financial Times reports. “The internet has also been the undoing of tabloids, which prospered profitably for most of the last century, when the gossip-hungry still bought scandal sheets,” FT writes. Along with print declines, “It is similarly tough online — even for scoopmeisters like TMZ, which is free to read, like most of its competitors.”
Mode Media -- the lifestyle publisher and ad network formerly known as Glam Media is shutting down. “It’s an abrupt end for a company that had previously cast itself as one of the web’s biggest publishers, enjoyed a billion dollar valuation and planned on going public,” Re/code reports. “One person familiar with Mode’s business says the company generated close to $90 million last year and had been projected to do more than $100 million this year.”