DC Journalists Launch Media Business With Funding Over $ 10 Million
Laura McGann, former political editor for Vox.com and Politico, and Mark Bauman, previously at the Smithsonian, National Geographic and ABC News, are teaming up to launch a media company that has yet to be named.
Why is this important: McGann and Bauman say they seek to create a newsroom that delves into certain topics that are becoming increasingly important to society, such as disinformation, climate and Chinese geopolitics.
- â€œOur goal is to create a newsroom of reporters, subject matter experts, visual journalists and editors who come together to cover the biggest stories of the day,â€ McGann said. “We will be creating new formats that will give our audience a more comprehensive overview of big news that can be confusing if you read it piecemeal.”
Details: The duo have already raised more than $ 10 million in a Series A funding round from two investors: one is a US-based individual the company refuses to name; The second is International Media Investments, a United Arab Emirates-based fund that has a minority stake in Euronews, Europe’s leading international news network, Sky News Arabia and others.
- McGann will serve as point of sale editorial manager. Bauman will work as President and CEO, overseeing the business side of the transaction.
- The pair will report to a board five current and political veterans: David Ensor, Chris Isham, Madhulika Sikka, Alberto Fernandez and John Defterios.
- Matthieu Yglesias, McGann’s former colleague Vox Media will join as editor. â€œHe’s going to be the pioneer of new policy writing formats for us,â€ McGann said.
- The point of sale will invest heavily in data visualizations, and integrate the expertise of contributors. Yglesias will play a key role in helping the newsroom work with external experts, such as academics.
The company has already hired around twenty people, about half of which contributes to editorial operations. Two of the company’s editorial hires include Kay Steiger, former editor-in-chief of Vox.com in Washington, and Tom Nagorski, former chief operating officer of the Asia Society and editor-in-chief of ABC News.
- The company has 22 job offers published on its website. He hopes to have at least 60 people on his staff by the end of the year, depending on how many they decide to hire as full-time or contract editors, per Bauman. The company will be based in Washington, DC
- During the launch, the focus will be on three key thematic areas: Politics and Politics (led by Steiger), Geopolitics and World Affairs (led by Nagorski), and Science and Technology.
- â€œWe’re very interested in AI and bias,â€ McGann added.
- The company is also recruiting a survey editor build a team to announce the news.
Be smart: Bauman says the outlet will be funded by advertising and sponsorship of the site’s editorial and live events. Later, the company hopes to launch a consultancy line.
What to watch: The point of sale should be officially launched at the end of September.