Bloomberg’s (now ex) CEO to launch media start-up

Bloomberg’s (now ex) CEO to launch media start-up

Media start-ups are increasing, with Bloomberg’s CEO Justin Smith and New York Times’ media columnist Ben Smith leaving the nest to start their own media brand, backed by the former Atlantic owner David Brandley.

Bloomberg confirmed the news, together with the immediate step down of Justin Smith, and the appointment of Scott Havens as Bloomberg’s new CEO.

According to The Wall Street Journal that first reported the news, Justin Smith said in an email that “the news industry is facing a crisis in consumer trust and confidence due to the distorting influence of social media and rising levels of polarization and parochialism. My plan is to launch a premium news business that serves unbiased journalism to a global audience and provides a high-quality platform for the best journalists in the world.”

New York Times’ Ben Smith announced that he will also be a shareholder and the editor-in-chief of the new venture, while indicating that they will try to benefit from the creators’ economy and by joining forces with individual journalists to build audiences on a variety of platforms.

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“There’s been a change in the relationship between journalists and institutions in the same way there’s been a change in the relationship between talent and institutions in the entertainment industry,” Ben Smith said.

According to Reuters, the start-up’s name is not known yet, but it will target “200 million people with college degrees, who read in English, who nobody is really thinking of as an audience”.

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