A potential lifeboat in the form of a proposed sale to the billionaire owners of conservative commentator Ben Shapiro’s website The Daily Wire now appears unlikely. A source familiar with the negotiations told The Daily Beast that talks between the two parties broke down and the sale is now effectively dead.

TheBlaze once generated a reported $90 million in revenue annually, but has been in a slow motion implosion over the past several years. Top-level managerial shakeups, seemingly ceaseless layoffs, and office closures have depleted morale, tanked the site’s web traffic, and caused cable distributors to jump ship.

The most recent round of cuts are significant for the already-hobbled company which has shed employees with regularity for more than two years—largely without communicating to staff the reason or scope of the cuts. At one point, Beck blamed a round of layoffs on his own staff.