January 1, Financing Woes Force The Messenger to Shut Doors

The Messenger, an online news outlet, is shutting down operations on Wednesday after less than a year, according to Axios. The outlet began with a $50 million investment in May but quickly lost tens of millions of dollars, only managing to secure about $3 million in revenue in 2023. It had initially projected to make $100 million in revenue in 2024.

The Messenger’s CEO and founder, Jimmy Finkelstein, launched the platform in 2023 after selling The Hill in 2021 for $130 million. In a short period, the company hired 300 employees and offered them generous salaries. Finkelstein expressed his regret in an email to employees, stating, “This is truly the last thing I wanted, and I am deeply sorry.”

Despite producing centrist news on various topics and having a substantial audience, The Messenger could not afford its large newsroom, as reported by Axios. The outlet spent millions on travel and entertainment without generating enough advertising revenue, according to Semafor. Finkelstein wrote in his email, “Over the past few weeks, literally until earlier today, we exhausted every option available and have endeavored to raise sufficient capital to reach profitability. Unfortunately, we have been unable to do so.”

Finkelstein recently met with conservative media and business executives, including Omeed Malik, Garrett Ventry, Ryan Coyne, and George Farmer, to discuss selling a majority stake in The Messenger at Mar-a-Lago, as reported by Axios. Many legacy media publications are facing economic challenges and resorting to drastic measures, such as layoffs, employee strikes, or attempting to sell.

For example, The Arena Group recently laid off nearly the entire union staff of Sports Illustrated, and the Los Angeles Times announced it would lay off over 100 journalists as the publication lost as much as $40 million a year, reducing its newsroom employees by 20%. BuzzFeed has been in talks to sell two of its brands, Complex and Tasty, according to The Wall Street Journal.

The Messenger did not immediately respond to the Daily Caller News Foundation’s request for comment.

Why It Matters (op-ed)

The closure of The Messenger is a clear sign that the leftist stranglehold on mainstream media is tightening. Despite having a significant audience and producing centrist news, the platform could not survive the financial pressures.

This situation highlights the growing need for alternative conservative voices in the media landscape. As more and more legacy publications face financial challenges and resort to layoffs or selling, it is crucial for the far-right to establish a strong presence and provide a counter-narrative to the liberal echo chamber. The Messenger’s downfall is a reminder that we must continue to fight for our values and make our voices heard.

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