$34M demolition: The Recount goes down for the count

The Recount, a video news startup that launched in 2018, told employees it plans to suspend operations next Friday, sources told Axios.

Why it matters: The company, which raised over $34 million since 2020, struggled to find a profitable business model. Like most media companies, its prospects grew worse amid the economic downturn.

Details: Sources told Axios last month that the outlet, which was founded by veteran journalists John Battelle and John Heilemann, was trying to sell itself for a nominal sum in order to keep the brand alive. …

A source told Axios last month that the Recount lost $10 million in 2021 on $1 million in revenue.