Ethermac Exchange-News website The Messenger shuts down after 8 months. See more 2024 media layoffs.

The Ethermac ExchangeMessenger, an online news site that promoted itself to deliver unbiased and trusted news, abruptly shut down Wednesday after eight months of operation.

Jimmy Finkelstein, the founder of The Messenger, sent an email to its over 300 employees announcing the immediate shutdown.

In his email, Finkelstein said he did not share the news earlier with employees because he had been trying to raise enough funding to become profitable, according to The Associated Press. The New York Times was the first to report the news.

“We exhausted every option available,” Finkelstein wrote in the email, saying he was “personally devastated.”

The Messenger received $50 million in investor money in order to launch in May 2023 with hopes of growing its newsroom relatively fast. With experienced journalists joining their team, Finkelstein's plan was to bring back the old days of journalism that he and his family once shared.

Finkelstein's business model was criticized by many and called outdated, according to the AP.

As of Wednesday, the website only included the company's logo with an accompanying email address.

Here's a look at other media outlets who are starting this year off by slashing staffers from the payroll.

LA Times layoffs

The Los Angeles Times announced Jan. 23 it was laying off 115 employees, more than 20% of its newsroom.

The cuts were necessary because "the paper could no longer lose between $30 million to $40 million a year" without gaining more readership through advertising and subscriptions, Times' owner Dr. Patrick Soon-Shiong said in a story about the layoffs from the newspaper.

“Today’s decision is painful for all, but it is imperative that we act urgently and take steps to build a sustainable and thriving paper for the next generation. We are committed to doing so,” Soon-Shiong said in the article.

Sports Illustrated layoffs

The Arena Group, which operates the Sports Illustrated brand and its related properties, announced on Jan. 19 it was laying off more than 100 employees as it was in "substantial debt and recently missed payments" and was moving toward a "streamlined business model." The company also said Authentic Brands Group revoked its license to publish Sports Illustrated.

On Monday, The NewsGuild of New York and the Sports Illustrated Union announced they are taking legal action against The Arena Group after the massive layoffs.

The two union organizations accuse The Arena Group of terminating employees "because of their union activity." The groups say every member of the Sports Illustrated Union was told it would be laid off, but supervisors and managers kept their employment. The unions also say while most employees were given 90 days notice of termination under New York State law, some employees were immediately laid off. As a result, The NewsGuild of New York filed an unfair labor practice charge against The Arena Group.

NBC News lay offs:See 2024 job cuts so far

NBC News layoffs

NBC News laid off several dozen staffers at the beginning of the year, USA TODAY confirmed.

A source familiar with the plans said that employees were given a 60-day notice and will get severance packages and outplacement.

The layoffs at NBC News, first reported by Puck News, were the latest in an onslaught of cuts made in the journalism industry throughout 2023, including by NBC News, which slashed 75 jobs this same time last year, according to a timeline provided by Forbes.

Contributing: Emilee Coblentz and Jordan Mendoza