The Intercept cuts back

On Wednesday, First Look Media delivered the latest in a flurry of bad news for digital media: the company, which includes The Intercept and was founded by a tech billionaire turned Twitter critic of Donald Trump, said it could no longer afford its research team, and was eliminating those jobs as part of a 4 percent cut in its workforce. Omidyar’s funding of First Look Media, totaling almost $90 million between 2013 and 2017, has helped cover the cost of salaries at The Intercept that dwarf those at other center-left, nonprofit outlets. The company also disputed the notion that a lack of support from others beside him would affect either its output or First Look Media Works’s—and hence, the Intercept’s—tax status.

Source: www.cjr.org