MediaMath

MediaMath, a pioneering demand-side platform in the online advertising industry, is shutting down and filing for Chapter 11 bankruptcy after acquisition talks with Viant and Verve Group collapsed. The company, which once had a peak valuation over $1 billion, will cease platform access as of June 30, 2023. This closure results in layoffs for the majority of its more than 300 employees, with only a small team remaining to manage the bankruptcy proceedings. The financial downfall stems from years of missed acquisition opportunities and ongoing debt, including a $150 million credit facility from Goldman Sachs, despite raising over $600 million since its 2007 founding.

MediaMath, a demand-side platform (DSP) in the digital advertising industry, laid off approximately 8% of its workforce in early April 2020, citing the severe economic impact of the COVID-19 pandemic. With about 659 employees prior to the cuts, this reduction affected dozens through a combination of layoffs and furloughs. The company also implemented a 10% pay cut for remaining staff and paused 401(k) matching. The pandemic caused advertisers to sharply reduce or pause spending, directly hitting DSP revenues. MediaMath, which had raised over $600 million, faced these challenges in a highly competitive market against rivals like The Trade Desk. The layoffs were part of broader cost-cutting measures to navigate the uncertain economic climate.