Deadspin, on it's own, was and is a profitable vertical. This story is completely about mismanagement and an unbelievably dumb calculation of believing the strength of a media brand is unrelated to its contributors. Further, don't ever confuse private equity for something more than it is: in nearly all cases, it's designed to suck out blood, saddle it with debt, and leave things in ruins. Ask Sears.

Please read this for more background: https://theconcourse.deadspin.com/the-adults-in-the-room-183...

It's an absurd and ridiculous shame what is happening to them, and while I know this is HN and HN is connected to YC, that thin-skinned vampire Thiel is at lease partially to blame.