Business

THE NEWS WRAP: Medium slashing popular sites and freelance budgets in company shake-up

StartupSmart /

Almost all of publishing platform Medium’s sites are undergoing major changes with some sites ceasing to publish new content and others having their freelance budgets slashed.

 

The company’s head of corporate development and strategy told Business Insider the changes were “part of the effort to help drive conversation on Medium”.

 

“We don’t know exactly what this will end up looking like, but certainly you’ll see a broader variety of activity,” he said.

 

“The amount of money we allocate to commissioning content has fluctuated significantly from month to month, up and down based on opportunities in front of us, and will continue to do so.”

 

The news follows a blog post by chief executive Ev Williams in which in he wrote that Medium was not a publishing tool but a “network”.

 

“We’re not done figuring all this stuff out,” he wrote.

 

“But every day we’re seeing growth of this activity and great examples of the network power of Medium being realised.”

PillPack receives $US50 million shot in the arm

Pharmaceutical delivery startup PillPack has raised $US50 million in Series C funding, according to TechCrunch.

 

The latest capital injection will help the platform build retail pharmacies and disrupt traditional bricks-and-mortar companies.

 

The round was led by Charles River Ventures, with participation from Accel Partners, Menlo Ventures, Atlas Venture and Sherpa Ventures.

 

The startup has snapped up $US62.75 million to date.

Apple recalls speakers due to fire risk

Apple is recalling its Beats Pill XL speakers because they are a potential fire hazard, according to Re/code.

 

In some cases the battery has been found to overheat, with the US Consumer Product Safety Commission citing eight such incidents.

 

Customers are being urged to stop using the speakers immediately and contact Apple for a $US325 Apple Store credit or electronic payment.

Overnight

The Dow Jones Industrial Average is up 64.33 points, rising 0.36% to 18,076.27. The Aussie dollar is currently trading at around 77.79 US cents.

 

Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on Facebook, Twitter, and LinkedIn.

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