Pierre Omidyar Provides Initial Funding Of $50M To Establish First Look Media
HONOLULU, Dec. 19, 2013 /PRNewswire/ -- The news organization created by Pierre Omidyar (formerly dubbed "NewCo") has taken another step forward with an infusion of $50M in capital to fuel operations being established on both coasts.
Omidyar, who provided the funding, will also serve as the organization's publisher. Omidyar's first capital outlay represents 20 percent of his initial commitment to the media venture. First Look Media will publish robust coverage of politics, government, sports, entertainment and lifestyle, arts and culture, business, technology, and investigative news.
"This initial capital is the first step of many to bring the vision of this news organization to life," said Omidyar. "I am deeply committed to the long-term effort to build a new and exciting platform for journalism -- one that not only provides the innovation and infrastructure journalists need to do their best work, but that brings their reporting and storytelling to the widest possible audience."
First Look Media is made up of several entities, including a company established to develop new media technology and a separate nonprofit journalism organization. The journalism operation, which will be incorporated as a 501(c)(3), will enjoy editorial independence, and any profits eventually earned by the technology company are committed to support First Look's mission of independent journalism. The name of First Look Media's initial digital publication is yet to be announced.
First Look Media is currently securing space and setting up operations in New York City, San Francisco, and Washington, D.C. The team is actively recruiting in all areas of its operations.
For more information about First Look Media, please visit: www.omidyargroup.com/pov/FirstLookMedia
About Pierre Omidyar
Pierre Omidyar is an entrepreneur, innovator and philanthropist who is best known as the founder of eBay. He believes that a strong democracy requires an engaged society supported by effective news reporting and analysis. His passion for investigative journalism led him to launch the online news organization Honolulu Civil Beat in 2010, serving his home state of Hawaii. Pierre and his wife, Pam, are active philanthropists who believe everyone has something to contribute. You can read more about The Omidyar Group here.
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SOURCE First Look Media