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For the most part, the digital media darlings of the 2000s have been killed.
Once valued at over a billion dollars each, BuzzFeed and Vox Media have seen their business models collapse. Vox Media, which was valued at $1 billion in 2016, is selling New York Magazine and its podcast network to Lupa Systems for over $300 million, The New York Times reported this week. Meanwhile, BuzzFeed, whose peak valuation was $1.7 billion, sold more than half of its company for $120 million, receiving only $20 million in cash now.
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