15-September, Brisbane (US) – Previously evaluated as a billion dollar business, the US-based company Mode Media (previously known as Glam Media) now abruptly closes business down. They advertised themselves as one of the best US media companies until the end. Even staff was unaware of sudden closure.
Last year they made $90m and projected $100m for this year but they are closing their doors. A lot is unclear here, but seemingly they had more financial problems than revealed to the public.
They leave investors and partners troubled, as they are unlikely to be to pay off their debts and are on the way to bankruptcy. There has not yet been an official press release from Mode Media as of now.
Twitter quotes
Spoke w/ a @ModeMedia rep on phone at home. Kiss the money they owe you goodbye. Unlikely we will be paid. #ModeMedia $15k+ loss for me.
— Crissy Page (@Crissy) September 16, 2016
Completely disgusted at @modemedia right now. Leaving SO MANY bloggers who did their jobs per our contracts unpaid. We did our work, PAY US!
— Six Time Mommy (@sixtimemommy) September 16, 2016
I talked about there being a trade union for bloggers and vloggers after this #modemedia situation I really think its got to be done.
— Patricia Bright (@PattyOLovesU) September 16, 2016
https://twitter.com/LydiaEmillen/status/776747719905931264
Photo credit: Chris Diers
Source: Peter Kafka (ReCode) / Deborah Gage (Wall Street Journal) / Crunchbase
