“The reason these acquisitions make so much sense is because all three companies were essentially doing the same thing,” stated Maven CEO James Heckman. “We’re able to harvest efficiencies quickly by simply eliminating duplicative costs. The merger between three companies is time-consuming and complicated, but the integration is not.”
The three digital media companies all provide proprietary technology, monetization and distribution for third-party content providers.
Say Media founder Matt Sanchez will leave the company after the transition.
Chief Operating Officer and former HubPages CEO-founder Paul Edmondson will remain at the company, as will Chief Marketing Officer Michelle Panzer, formerly Say Media's vice president of global marketing and brand development, and Chief Product Officer Ben Trott, formerly Say Media's vice president of engineering.
The cuts, made two weeks ago, impacted Say Media’s creative studio, development, engineering, sales and administrative departments, according to Business Insider, which first reported the news.
Toronto and London offices have closed, and some employees in its New York, San Francisco and Portland offices were let go.
The company expects the Say Media deal to close in September.
Maven claims it offers publishers a reach of more than 90 million monthly readers and includes 300 channels with 6,000 writers.
Maven’s publisher partners include the Human Rights Foundation, The Intellectualist, Blue Lives Matter and The Resurgent, among others.