It's the user data. Buy a bunch of properties, correlate across them to find matches of the same person on different services, aggregate, sell to data brokers. Or and probably sell the content to AI companies.

Evernote. Meetup. Brightcove. Komoot. Vimeo.

After buying them they lay off most or all of the staff, because they aren't really going to keep them going, they just need them to keep going long enough to

a. Change the TOS to say "we can sell you data to whoever"

b. hoover up all the data