According to SEC paperwork filed by Fusion’s parent company Univision, investing millions of dollars in a TV network nobody watches and a website nobody reads is bad business.

Univision’s pre-IPO filing forced it to open its books and show what Fusion—both the channel and website—are earning and spending. It ain’t pretty: in 2014, the operation generated $28 million in revenue and spent $63 million, for a net loss of $35 million. The lopsided numbers probably have something to do with Fusion’s aggressive hiring of notable internet writers and editors and the enormous salaries they’re paid.

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