The Messenger Announces Shutdown, ‘Effective Immediately’
The Messenger, the less-than-year-old struggling digital news startup founded by former The Hill owner Jimmy Finkelstein is shutting down.
“I am personally devastated to share that we have made the painfully hard decision to shut down The Messenger, effective immediately,” Finkelstein wrote in a memo sent to the staff on Wednesday.
The New York Post earlier reported that the publication may not survive the week, but as it turns out, it was going to be sooner than that.
A report from Semafor earlier in the month said that the news startup “weighed shutting the publication down” when it found out “that the company is on track to run out of cash at the end of January,” and said that the board also discussed the possibility of shutting down, and that Finkelstein appeared open to selling the organization.
The Messenger, still optimistic at the time perhaps or just in denial, dismissed these claims and said that they have “already secured investment as part of our second raise, and so the notion of us discussing closure is beyond absurd.” They did not give details on the second fundraising.
Then it was publicized that they were in talks with possible deals, one of which was an offer from a consortium made up of right-wing supporters including financier and Tucker Carlson backer Omeed Malik, Republican operative Garrett Ventry, digital media agency founder Ryan Coyne, and former Parler CEO George Farmer.
The offer, said to be $30 million for a 51% stake in the independent media publication, meant that Finkelstein would need to relinquish control of his publication.
In the memo, a devastated Finkelstein said that “literally until earlier today, we exhausted every option available and have endeavored to raise sufficient capital to reach profitability.”
“Unfortunately, we have been unable to do so, which is why we haven’t shared the news with you until now. This is truly the last thing I wanted, and I am deeply sorry.”
The Messenger was touted to be 74-year-old Finkelstein’s “last major act in the media industry.”
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
