A group of D.C.-based journalists on Wednesday launched a new media company called “Grid” that focuses on hard news analysis and investigative reporting.
Why it matters: Grid debuts amid a flurry of new media companies looking to reach a similar audience of wealthy, elite professionals.
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“Our goal in 2022 is to introduce ourselves and showcase what we do through a number of products,” said Laura McGann, co-founder and editor of the new publication. “We have a coordinated rollout plan of earned and paid media and a social push.”
Catch up quick: McGann first spoke with Axios about the venture in July.
She and co-founder Mark Bauman, who previously worked for the Smithsonian, National Geographic and ABC News, have already raised over $10 million from International Media Investments, a UAE-based investment fund and Brian Edelman, a technology executive.
Details: The new company, which was previously unnamed, plans to differentiate itself by providing deep reporting and analysis for a select few topic areas shaping the modern world, like misinformation, climate and Chinese geopolitics.
“Fundamentally we are putting an extra layer of context on top of the news,” said Brad Bosserman, Grid’s new chief revenue officer who was previously at Politico.
On Wednesday, the company announced a slew of new editorial hires, including several people from Buzzfeed, Politico, CNN, ABC and other outlets.
Between the lines: Bosserman says the company’s business is supported by advertising and it eventually plans to wade into subscriptions and professional services.
“A majority of this business is going to be the higher touch advocacy and brand advertising,” he said. “There will also be programmatic ads and branded content.”
Its five-year business plan has been approved by both board and investors, per Bauman, who leads the business side of the new venture.
What to watch: The company — which currently employs around 50 employees, 30 of which sit in the newsroom — plans to launch a podcast hosted by McGann and Matthew Yglesias later this year.
Go deeper: D.C. journalists launch media company with $10 million+ funding
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