Feminist media site Jezebel is suspending publication, as its owner reckons with a downturn in online advertising.

G/O chief executive Jim Spanfeller announced the move in a memo to staff, calling it an “excruciating” decision.

Founded in 2007 under the Gawker Media umbrella, Jezebel pioneered the sharp, dishy coverage that came to characterise many digital upstarts.

Its suspension follows woes at other new media firms.

Mr Spanfeller said he had hoped G/O – which also publishes sites such as The Onion, Jalopnik and Gizmodo – would be able to steer through “dark times” in the industry, but “could hold out no longer”.

He said Jezebel’s model did not mesh with the strategy for its other, more niche publications.

Talks with more than two dozen potential buyers ended without success, he said.

“It is a testament to Jezebel’s heritage and bonafides that so many players engaged us,” he wrote in the memo, shared with the BBC.

“Still, despite every effort, we could not find Jez a new home.”

In addition to suspending publication of Jezebel, he said the firm was restructuring editorial and business teams.

The moves will lead to 23 jobs lost, including at Jezebel, he said.

He said he still held out hope that an alternative solution could be reached for the publication.

Jezebel is the latest new media brand to succumb to a downturn in the industry.

Vice Media is continuing to restructure after emerging from bankruptcy. Earlier this year, Buzzfeed News shut down.

In an essay this year, Ben Smith, founder of Buzzfeed News, said Jezebel was one of the “first places to crystallize the powerful forces that would define social media over the next decade: politics and identity”.

Though many of these outlets have since been shut down, he said they had reshaped traditional media in their image.

Jezebel was bought by G/O, which is owned by a private equity firm, in 2019.

It had previously been owned by Univision, which agreed to purchase the site and others in the Gawker empire, for a reported $135m in 2016.

In 2020, a union representing writers at G/O called on the firm’s private equity owners to replace Mr Spanfeller, saying that traffic to its sites had fallen under his leadership, according to a Wall Street Journal report at the time.

Jezebel’s former editor-in-chief resigned from the publication earlier this year, writing on social media that she had done so because “the company that owned us refused to treat my staff with basic human decency”.