Bustle has agreed to buy Mic for $5m, marking a significant down valuation for the news publisher backed by Axel Springer, Hakuhodo, You & Mr Jones, Time Warner and WPP.

Women-focused publisher Bustle has agreed to buy Mic Network, a US-based online news platform backed by marketing firm WPP and media group Time Warner, in a $5m deal, the Wall Street Journal reported yesterday. Founded in 2011, Mic operates a platform that publishes news targeted at a millennial audience and creates branded content for sponsors…

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