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First Seem Media (previously NewCo), the new media undertaking based through Pierre Omidyar, launched important points of its preliminary kind on Thursday, together with a new title, a significant infusion of capital, and a bipartite structure that cash its non-profit journalism element via a for-profit know-how construction company.
Omidyar, who will function a writer, provided $50 million in funding to the fledgling endeavor, which he stated in a press release represented 20% of his projected contribution. First Seem to be Media will incorporate at least two completely different entities, one a company focused on developing new media technology, and every other the as-yet-unnamed journalism operation, so that it will be a 501 (c)(three) non-profit. Profits from the improvement aspect shall be used to underwrite the journalism aspect, although the latter will handle editorial independence.
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NYU journalism professor Jay Rosen, an marketing consultant to the new project, explained on his site PressThink how the trade/non-profit combo is much like but assorted from other media corporations like Poynter, ProPublica, and the Guardian, from which reporter Glenn Greenwald came:
The First Seem to be set-up is completely different. Here the journalism operation is a non-revenue, housed within a parent company, which could have other entities inside it. The entire operation is designed to improve the mission of impartial public provider journalism, succeed in sustainability and appeal to ability.
Another way to claim it is: public service, mission-driven journalism, together with investigative work, has all the time been sponsored with the aid of something: promotion, other sorts of information, donors to a non-profit (as with ProPublica) or a appropriate and successful business like the Bloomberg terminals that subsidize Bloomberg Information. First Seem to be Media is including to the image another that you can think of source of improve: earnings from an organization particularly occupied with technology for producing, distributing and ingesting information, views and data.
Omidyar used to be the founding father of eBay, and became a billionaire upon its public providing, considering which he has been in energetic in digital publishing and journalism. Along with Greenwald, the brand new e-newsletter will feature Laura Poitras, former Nation journalists Jeremy Scahill and Liliana Segura, and former Washington Publish journalist Dan Froomkin.
[h/t Omidyar Crew / Press Assume]
[Picture by the use of Bloomberg News / Landov]
