Politico Owner Buys Capital New York With Plans to Expand
It’s been a busy past few months in the journalism industry as a handful of major news outlets have changed hands, closed down, or expanded. Al Jazeera America launched only a few weeks ago, The Washington Post changed hands, and Patch closed a substantial amount of local publications, but the news keeps coming. It was announced late last night that Politico owner Robert Allbritton had purchased Capital New York with plans to expand the publication.
Capital founders and Co-editors Tom McGeveran and Josh Benson posted about the sale on Capital’s website less than 24 hours ago that the publication would be changing hands. In the announcement, it was stated that the intention for the future of the site is to keep it as a “free-standing sibling publication” to the Washington D.C. based Politico.
Although the plan is to keep Capital as a separate entity, there will be some additions to the staff. Executive editor of Politico, Jim VandeHei will take the position of Capital’s president while Katherine Lehr and Cally Stolbach will become a part of the media outlets business department according to The Atlantic Wire.
Benson and McGeveran’s letter to their readers discusses the future of the publication with the promise to keep everyone updated as the publication grows over the next few months.
The energized response to the acquisition is one of many as the announcement is welcome news in the industry that is often plagued by downsizing.
“Very excited to have the good folks at Capital New York in the fam (sic),” tweeted Dylan Byers, media reporter for Politico.
While many publications are downsizing or simply closing down, Allbritton plans to expand the site, creating at least two dozen plus jobs in the City.
“And by the way, that’s 24+ job openings in New York, journos,” Byers later tweeted.
With the increased funding for Capital from Allbritton, there are plans to completely redesign the site and add additional revenue streams.
“We’ve always believed that journalism needs more than display advertising to support itself,” read the statement. “With POLITICO, we’ll have the strategic and organizational muscle to tap into other revenue streams.”
Although the exact plans for the site, in regard to the expansion, development of the site, specific revenue streams, etc., have yet to be released, the influx in jobs is welcome news to the industry.
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