The Daily Mail wrote down a $31 million loss on its investment in Elite Daily, the company announced on Wednesday.
Since acquiring the millennial-focused digital publisher, “audience retention and revenue growth have been disappointing and losses have exceeded expectations,” the Daily Mail’s parent company said in a financial report. “The carrying value of the business’s goodwill and intangible assets in DMGT’s balance sheet has been written down completely, resulting in an impairment charge of £25 million.”
The Daily Mail and General Trust said it purchased Elite Daily for 17.6 million pounds in Jan. 2015, or about $26 million, lower than the price tag of $40 to $50 million reported at the time.