"These are major players in a top 25 website."

This may indicate the business model is dead. top 25 but no ability to monetize because the business model died while no one was looking.

Think about it.. Consider a much more lofty position, like US News and World Report in the newsweekly market, they were top 3 at one point, out of business today.

Have to face the facts, the reason for lack of execution in the marketplace might be because the biz model is dead. Close up now, give the money back to the investors.

The general public liking something doesn't mean its a guaranteed success or a rational business model.