Journalists are buying back their companies and taking back their newsrooms.
was $3.8 million, up 19% from its first-year report, and it's on track to exceed $4 million for its third year, vice president of revenue and operations Jasper Wang tells Axios.
"The closer we can make the people who write and make the work ... to the actual decisions of the business, I think the stronger the companies will be," Wang says. "The industry is better where smaller, independent publications can thrive and experiment and do their own thing."Like startups across tech and other sectors, new media companies are also offering shares to their employees — a move that Axios, Puck and Semafor all followed.
Substack took the ownership piece one step further by inviting its outside writers on its platform to invest in the company via a community fundraising round. "The dynamics of a platform like Substack change if the people who are building their businesses on it are owners of it, too," the company said in a memo.
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