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Substack Seeks to Raise $65 Million in Investments

With Substack’s popularity growing since its foundation in 2017, the company seeks to raise $65 million in investments to capitalize on its platform’s popularity.

Eduardo Razo

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The coronavirus pandemic resulted in many journalists being laid off or furloughed while others sought to become their own bosses.

As a result, some took the opportunity to distribute their content via Substack. It’s a medium that allows writers to produce their newsletters and content and get paid for it by their audience.

With Substack’s popularity growing since its foundation in 2017, the company seeks to raise $65 million in investments to capitalize on its platform’s popularity.

Andreessen Horowitz leads the $65 million round of venture capital funding that might boost the company’s value to $650 million, Axios reported.

“When readers pay writers directly, writers can focus on doing the work they care about most. A few hundred paid subscribers can support a livelihood. A few thousand makes it lucrative,” Substack says on its website.

“We believe that writers, bloggers, thinkers, and creatives of every background should be able to pursue their curiosity, generating income directly from their own audiences and on their own terms.”

Horowitz refused to comment, while Substack hasn’t yet replied to Axios’ requests.

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Rachel Maddow Releasing New Podcast Series

Rachel Maddow Presents: Ultra is the all-but-forgotten true story of good, old-fashioned American extremism getting supercharged by proximity to power.”

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A new podcast is coming soon from MSNBC’s Rachel Maddow.

Deadline reports Rachel Maddow Presents: Ultra will premiere two episodes on October 10th, with new episodes being released every Monday. In a teaser of the podcast, Maddow explains the series is “an American story.”

MSNBC described the series as a podcast featured on “sitting members of Congress aiding and abetting a plot to overthrow the government. Insurrectionists criminally charged with plotting to end American democracy for good. Justice Department prosecutors under crushing political pressure. Rachel Maddow Presents: Ultra is the all-but-forgotten true story of good, old-fashioned American extremism getting supercharged by proximity to power. When extremist elected officials get caught plotting against America with the violent ultra right, this is the story of the lengths they will go to… to cover their tracks.”

Under a new contract with NBCUniversal that saw Maddow scale back her nightly MSNBC program to Mondays only, she’s developing new projects like podcasts and documentaries. Alex Wagner now hosts the 9:00 PM ET primetime hour on MSNBC Tuesday to Friday.

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Keith Olbermann: American Journalism ‘Re-Invented’ During Trump Presidency

“The overwriting principle used to be: get a scoop, get in the paper or on the air as soon as possible because that’s your job, and that’s your only actual value to society as well.”

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During his Countdown with Keith Olbermann podcast Friday, the former cable news host slammed a recent opinion from Politico’s John Harris that Americans need more journalists like Maggie Haberman, among others.

Olbermann has been critical of Haberman’s decision to withhold important facts in relation to the former President Donald Trump and save them for her upcoming book rather than report them in The New York Times.

“What Harris does not understand is American ‘journalism’ did re-invent itself,” Olbermann said. “The overwriting principle used to be: get a scoop, get in the paper or on the air as soon as possible because that’s your job, and that’s your only actual value to society as well. It is also — and I speak as somebody who broke a lot of sports news including the Wayne Gretzky trade and Michael Jordan’s first dalliance with a comeback — it is the joy of doing the journalism. You have the story, and nobody else does!”

He continued by saying Harris and Haberman believe the point of American journalism is not to inform the public but rather how much money you can make in the process.

Haberman’s book “Confidence Man: The Making of Donald Trump and the Breaking of America” is expected to hit bookshelves on Tuesday, October 4th.

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Andrew Cuomo Launches Action Committee, Podcast

Cuomo is joining his brother Chris in the news media world as the politician launches a political action committee and a podcast.

Eduardo Razo

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Former New York Gov. Andrew Cuomo is joining his brother Chris in the news media world as the politician is launching a political action committee and a podcast. 

“I am starting a political action committee to elect the right people to office,” Cuomo said (h/t CNN). “We do not need more panderers. We need producers. We need people committed to fight for change and who get results.”

The video also featured familiar criticism of social media, which he has often blamed for fueling the backlash the led to his resignation, which effectively halted state lawmakers’ plans to impeach and remove him from office.

“It’s a Twitter mob, but the mob has power and many politicians and press are afraid to challenge it lest the mob turn on them,” Cuomo added. 

Cuomo’s podcast intends to dive into what he believes is the truth and how the platform will differ from what is already out there. 

“This forum will be different. My intention is to speak the full truth, unvarnished, from the inside out, frank and candid,” Cuomo said. 

“As a person who’s been in the room many times for many years and knows these people and knows their games, and as a person who actually did the job.”

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