Founding partner Matthew Belloni, a new media outlet launched with $ 7 million in funding

The Wrap learned that Matthew Belloni, a former editorial director of The Hollywood Reporter, has joined as a founding partner for a new media company covering politics, finance, technology and entertainment.

The unnamed platform will launch this summer and will have up to 20 staff by the end of the year, a knowledgeable individual told The Wrap. The entity has raised $ 7 million from TPG and 40 North Capital. The board includes Jim Coulter, Executive Chairman of TPG, and David Winter, Co-CEO of Standard Industries, the parent company of 40 North Medias.

The site aims to compete with the sub-stack model that has attracted brand journalists to build their own business on that platform. The model is also informed by sports startup The Athletic, which has actively adopted the top names in sports journalism, insiders explained.

Co-founders include John Kerry, a New York Times veteran and creator of Vanity Fair The Hive, “said Vox Media and Luminary Digital Veteran CEO Joe Plutiki. Max Tcheyan, Chief Strategy Officer, was one of The Athletic’s early staff. And COO Lizgoff, a former Condé Nast.

Once the newsletter, audio, and COVID-19 pandemic are settled, the site will be built as a subscription-based news service that includes events. As part of the startup’s launch, an invitation-only email will be sent to Veroni and sent to Hollywood insiders.

“Like Hollywood, the media is undergoing dramatic changes towards the digital future,” Veroni said. “It’s very exciting to bring my years of experience to build an innovative new company while continuing to cover the industries I’m very passionate about.”

Matt is a unique and timeless talent, and Hollywood Mike Allen is widely respected by industry insiders and observers, says John Kerry. I couldn’t be more excited to partner with him to build this business at this crucial moment in the media industry.

Belloni spent 14 years at The Hollywood Reporter, launching a new entertainment law section on the website and being promoted to editorial director in 2017. He resigned in May 2020 after reporting a disagreement with the head of Valence Media, THR’s parent company, regarding the independence of editing the site. ..

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