The Messenger, an online news outlet shuts down in less than a year

The Messenger, a nonpartisan online news service with nearly $50 million in commercial ventures, abruptly shut down after eight months of operation.

After just eight months of operation, The Messenger, an ambitious online news service that positioned itself as a nonpartisan digital media medium and increased its commercial endeavor by spending almost $50 million, abruptly shut down on Wednesday. The New York Times, which broke the story first, said that founder Jimmy Finkelstein wrote an email to shocked staff members announcing the abrupt shutdown, which would result in the layoff of about 300 journalists and other personnel. Finkelstein claimed in his email that he hadn't informed staff members of the news earlier because, up until this point, he had been working nonstop to gather enough money to turn a profit.

On Wednesday night, all that was listed on The Messenger website was its name and email address. In his email, Finkelstein mentioned that many media companies are struggling to survive due to economic challenges. The demise of The Messenger coincides with widespread layoffs at once-dominant and significant publications, such as Sports Illustrated, Business Insider, and the Los Angeles Times, which this week reduced its journalism workforce by 20%. Employee walkouts at other venues, such as The New York Daily News and Forbes magazine, have also been triggered by planned layoffs.

The Messenger was established in May of last year with the intention of becoming a media powerhouse. Given the state of the media at the time, some may argue that this spending was excessive.