Mediatwits #153: The Case for (And Against) VC Funding for Digital News

Published: March 27, 2015, 2:06 a.m.

What do BuzzFeed, Upworthy and Refinery29 have in common? Well, for one, they’ve raised millions in venture capital money, and they’re all getting deeper into the digital news business. Refinery29 is looking for a news director as they’ll soon be joining in the scrum to cover breaking news. Upworthy made its own news when they announced New York Times deputy international editor Amy O’Leary would join them as their new editorial director. Of course, everyone is chasing BuzzFeed. The company rounded up $96 million in funds and made $100 million in revenue last year. But it’s not all rosy in the land of VC-funded digital publishers. Earlier this month, tech website Gigaom abruptly ceased operations because they ran out of money. There were eulogies for the company in the tech press. According to a report by Peter Kafka, the demise was caused by mismanagement. What’s the future of the digital press? We’ll ask Kim Bui, West Coast editor at Reported.ly; Peter Kafka, senior editor at Recode; and our regulars Alex Leo, head of audience development at Yahoo; and Andrew Lih, associate professor at American University. PBS MediaShift’s Mark Glaser will host and Jefferson Yen will be producing.