Mic laid off most of his staff

Mic is laying off the majority of his staff while the digital publisher is working on an agreement to sell the rest of his badets to Bustle Digital Group.

Mic's general manager Chris Altchek announced the layoffs at a staff meeting this morning. Until today, the company employed more than 100 people. I asked Mic to provide details on the layoffs, including the total number of people who will lose their jobs.

Cory Haik, Mic's publisher, has already left the company. I am told that under the terms of the Bustle contract, Altchek and his co-founder, Jake Horowitz, would remain after the acquisition.

Mic has raised more than $ 60 million to build a millennium-centric press, but could not find a business model to support its costs. This office includes a one-story office located in the World Trade Center of Manhattan (an earlier version of this story incorrectly indicated the size of Mic's office).

Facebook has recently canceled an agreement with Mic for publishing a series of news videos. People familiar with the company say this decision has removed a critical source of revenue and is driving away potential buyers and investors.

Update: Here is Haik's note to Mic employees announcing his departure: