Justin Smith and Ben Smith left their jobs at Bloomberg Media and The New York Times, respectively, to start a global news start-up, Semafor, which would “tackle the lack of trust in media and compete for English-language readers against outlets like CNN, The Times and The Washington Post.”
The coverage is expected to start this fall, with approximately 30 journalists, based in London, New York and Washington, D.C., and another international location.
The venture is supported by around $25 million from investors, including the crypto-billionaire Sam Bankman-Fried and his brother Gabe; Jessica Lessin, the founder of The Information; David G. Bradley, chairman emeritus of The Atlantic; and John Thornton, co-founder of the American Journalism Project and The Texas Tribune.
Initially, revenue will be generated from advertising and live events with plans to eventually charge for subscriptions.
Semafor will start with a website and email newsletters.
Read the full story here.