By Lisa Lacy

Lifestyle network Mode Media has suddenly become outmoded, ceasing operations as of September 15, reports say.

In fact, citing “several people with knowledge” of a staff meeting on Thursday, the Wall Street Journal reports Brisbane, Calif.-based Mode, which was once valued at $1 billion, “abruptly shut down.”

According to a memo acquired by the Wall Street Journal, Mode had been seeking financing or an acquisition for the last five months.

The move follows reported layoffs earlier this year, along with management changes. In April, for example, Jack Rotolo took over as interim CEO, replacing founder Samir Arora. The following Read full story ›

Source: The Drum