Pierre Omidyar has put $50 million into his new journalism venture, which will be named First Look Media, the organization says in a press release. FLM “will publish robust coverage of politics, government, sports, entertainment and lifestyle, arts and culture, business, technology, and investigative news,” the release says.
The company will comprise “several entities,” the release says, including a for-profit tech company whose profits will support the journalism venture, which is yet unnamed.
New York University professor Jay Rosen, who announced last month he was joining the venture, notes several nonprofit/for-profit combos in the journalism world, including Poynter, which owns the Tampa Bay Times.
“The First Look set-up is different,” he writes. “Here the journalism operation is a non-profit, housed within a parent company, which may have other entities inside it.”
Another way to say it is: public service, mission-driven journalism, including investigative work, has always been subsidized by something: advertising, other kinds of news, donors to a non-profit (as with ProPublica) or a related and profitable business like the Bloomberg terminals that subsidize Bloomberg News. First Look Media is adding to the picture another possible source of support: profits from a company specifically focused on technology for producing, distributing and consuming news, views and information.
Previously: Jay Rosen joins the Greenwald-Omidyar thing