Centrist news outlet ‘The Messenger’ to close within a year of launching
OAN’s James Meyers
12:19 PM – Thursday, February 1, 2024
Centrist digital news startup The Messenger has announced that they are officially shutting down after less than a year of operation.
The startup company deleted all content and articles on their website on Wednesday evening, which was hours after the company told the New York Post “The site will go dark.”
The Messenger CEO and founder Jimmy Finklestein was reportedly “close” to raising the necessary funds to keep the business afloat for several more months, however, the deal ultimately fell through.
“The Messenger was founded to champion balanced journalism in an era of bias, subjectivity and misinformation, with a mandate to deliver the news — not shape it — and a clear vision of earning our readers’ trust and rekindling their passion for media,” according to its About page. It was founded in 2023 by co-founder Jimmy Finklestein,” according to allsides.com, a media bias rating site.
The company was reportedly losing millions each month, while bringing in only around $3 million last year, according to financial documents.
Meanwhile, the company claimed that their projections showed how they would “bring in $100 million in revenue for 2024,” a figure that experts doubted from the start.
The CEO had paid top dollar to lure away writing and marketing talent from other top publications, such as the conservative outlet New York Post and liberal outlet NBC News.
Additionally, the company was paying the site’s editor, Dan Wakeford, a whopping $900,000 annually, according to multiple sources.
“What ultimately killed The Messenger was lack of message — and arrogance,” an industry source said. “Hundreds of people left great jobs with the promise of creating something better — which turned out to be a big lie.”
Finklestein claimed that he did not send out a mass email to let employees know earlier since he was too busy trying to raise funds to keep the company in business.
In January, a financier who backed Tucker Carlson’s new content had reportedly offered $30 million for a 51% stake in the news site, evaluating it at $60 million.
“We exhausted every option available,” Finkelstein wrote, saying he was “personally devastated.”
Finkelstein noted in his email that “economic headwinds have left many media companies fighting for survival.”
The Messenger now joins the ranks of other high profile outlets that have gone under, including the Los Angeles Times, Business Insider and Sports Illustrated.
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How did financial documents reveal the financial state of The Messenger, and what were the key factors contributing to its losses?
The Messenger: A Short-Lived Era of Balanced Journalism
Centrist digital news startup, The Messenger, recently announced its official shutdown after less than a year of operation. The company deleted all content and articles from its website, hours after informing the New York Post about its impending closure. Despite the CEO and founder, Jimmy Finklestein’s efforts to secure necessary funds to sustain the business, the deal ultimately fell through.
According to its About page, The Messenger was founded in 2023 by Jimmy Finklestein with the aim to champion balanced journalism in an era marked by bias, subjectivity, and misinformation. The company’s vision was to earn readers’ trust and rekindle their passion for media. However, financial documents reveal that the company was losing millions each month, while only bringing in around $3 million in revenue last year.
The Messenger had projected that it would generate $100 million in revenue for 2024. However, industry experts expressed doubt about this figure from the beginning. The company had invested heavily in luring writing and marketing talent from prominent publications such as the conservative outlet New York Post and the liberal outlet NBC News. Additionally, the site’s editor, Dan Wakeford, was being paid an annual salary of $900,000, according to multiple sources.
According to an industry source, what ultimately led to The Messenger’s downfall was a lack of message and arrogance. Many talented individuals left secure jobs with the expectation of creating something better, only to find out it was a big lie. Finklestein, burdened with the task of raising funds, claimed that he was too preoccupied to send a mass email to inform employees earlier about the company’s situation.
In January, a financier who had previously backed Tucker Carlson’s new content reportedly offered $30 million for a 51% stake in The Messenger, valuing it at $60 million. Despite these efforts, Finklestein stated that every option had been exhausted, leaving him personally devastated.
The demise of The Messenger serves as a reminder of the challenges faced by media companies in today’s economic climate. Economic headwinds have left many media companies fighting for survival, especially startups that struggle to establish themselves in the competitive industry. The Messenger’s short-lived era of balanced journalism comes to an end, leaving a void that will be filled by other news outlets striving to earn the trust and loyalty of readers.
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