Medium was founded by the people that brought you Twitter, supposedly to be a blogging platform. Not realizing that U.S. media conglomerates operate as a cartel, independent bloggers signed away all-and-any-future rights to their work for the privilege of scrounging for loose change while working in the company's digital mines.
You know, like Instagram. Only making far less money than that platform's 'influencers' do. More like not making money. Of course Medium, like all media, would be a rich man's game. Of course Medium would be one of many shiny jewels on someone else's ring finger.
What you saw was another sucker realizing they'd been had. It's a bit like when Google killed its RSS reader. There was too much of a chance people might use it to escape the conglomerate-run platforms. Nothing of Aaron Swartz must be left standing. It's a fiduciary duty.
Now with the AT&T and Time Warner merger, something like 90% of the media business in the U.S. is held by five companies, but like with accounting, I'm confident we can get that down to two by Drumpf's third term.
I kind of got that bit, I don't understand the actual technical/financial details of the problem.