Beacon Reader, founded in 2013 to fund independent journalism, said it is no longer offering services to journalists and has cancelled all subscriptions.
Adrian Sanders, co-founder of the site, based in Oakland, Calif., thanked supporters and said, “We expect and hope others will learn from and build on our efforts.”
Sanders said 25,000 backers helped Beacon to pay out $3 million “to some of the best journalists across the globe…Beacon grew to become a home for hundreds of journalists and publications.”
Topics covered included initiatives like Climate Confidential, coverage of events in Yemen and Kurdistan, and efforts to influence policy on net neutrality, mass incarceration, and immigration.
Beacon had a local reporter on the scene during the Ferguson protests when “national media was slow to respond,” said Sanders.
Wikipedia says other models of funding journalism, such as Huffington Post and The Texas Tribune, “have been more successful in raising funds.”
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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