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On Wednesday, Artsy and Artnet announced that the two companies would merge under the leadership of Artsy’s C.E.O., Jeff Yin. On Thursday, Yin restructured the business: pulling Artnet’s sales arm into Artsy, closing its Berlin office, and laying off a number of writers and editors from Artnet’s news division. Though the merger announcement declared that the two companies would retain their distinct brands, it looked at first like Yin was acquiring Artnet and dismantling important signature pieces of the operation—that Artsy had “won,” in the words of a surprised observer I spoke with.