Scoop: The website for Grid News, the digital news startup that sold last week to the new media startup The Messenger, will shut down this afternoon, two sources told Axios.
The company's founders assured its staff last year that it had raised enough money to continue operating for the foreseeable future.
Grid's co-founder and president/CEO stepped Mark Bauman down late last year amid confusion at the company over its business, Axiosit would acquire Grid, and as part of that deal, Grid's owners — Abu Dhabi-based investment firm International Media Investments — would make a minority investment in The Messenger's parent company.
Grid News' founders said at launch that the firm raised more than $10 million from IMI and Brian Edelman, a technology executive. But the firm never said how much more than $10 million, or how much Edelman invested versus IMI. In a statement announcing the acquisition last week, The Messenger said Grid was "owned by" IMI.
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