The Free Press hires a publisher amid expansion
Add Axios as your preferred source to
see more of our stories on Google.
Bari Weiss, center, of The Free Press, hosts an immigration debate at the Majestic Theatre in Dallas in April. Photo: Jeffrey McWhorter for The Free Press
In roughly a year, The Free Press — a media startup launched by former New York Times writer and editor Bari Weiss — has accrued nearly 1 million email sign-ups, more than 136,000 of which are paid subscribers, Weiss told Axios.
Why it matters: Weiss, a pioneer in both business and media, is a rare connector between the West and East Coasts, which typically live in their own bubbles.
- She launched The Free Press as independent publishing was becoming more sustainable. And between the cancel-culture backlash and the U.S. reaction to the Israel-Hamas war, Weiss fed a starving market with unconventional, sometimes daring, content.
"We have earned the trust of our audience in a moment where what's been described as a crisis of trust in the old media, is actually a crisis in trustworthiness," Weiss said.
- The company has increased paid subscriptions by 14% since the election, she noted.
State of play: To usher in its next era of growth, the company has hired former Wall Street Journal editor-turned-banker Dennis K. Berman as its first publisher and president. It's also brought on Hearst and Bloomberg product veteran Daniel Hallac as its first chief growth officer.
- "Our focus in the coming year will be on strengthening our connection with our subscribers," Weiss said. To do that, the company will soon roll out a redesigned website and in the new year, it plans to launch a dedicated mobile app.
- As its coverage expands, the company plans to introduce features that allow subscribers to personalize their digital experience by selecting topics they care about most.
- Weiss' wife and The Free Press co-founder, Nellie Bowles, a former New York Times correspondent, said the company wants to go deeper on topics like personal health and business and culture.
By the numbers: Weiss declined to provide information about financials but with more than 136,000 subscribers paying around $8 per month, it's safe to assume The Free Press takes in at least $10 million annually from just subscription revenue.
- The company is choosing to funnel its profits into new growth areas, like expanded editorial content verticals and personalized digital products, Weiss said.
- While newsletters will continue to be the firm's core product, it plans to expand its slate of podcasts, video offerings and live events next year.
- There are around 60 full-time employees and contractors working for The Free Press.
Follow the money: Weiss confirmed a recent report that the company was valued at more than $100 million after raising a $15 million series A round earlier this year but said the Free Press doesn't have plans to raise money again.
- Series A investors include Allen & Co.'s Herbert Allen Jr., Starbucks' chairman emeritus Howard Schultz, and former Activision CEO Bobby Kotick.
- Seed investors include venture capitalists Marc Andreessen and David Sacks.
Zoom in: The vast majority of The Free Press' business comes from subscriptions and will remain that way, despite an influx of advertiser interest, Weiss said.
- She noted a big "vibe shift" in advertiser interest in recent months "We have many more inbounds from potential sponsors and partners that didn't seem possible a year ago."
- The company is partnering with companies like Airbnb and Uber to sponsor its podcasts and events. It's planning a major expansion of its live debate event series in 2025.
Catch up quick: Weiss started a personal newsletter, Common Sense, in 2021, shortly after she left the New York Times.
- She co-founded The Free Press in 2022, alongside Bowles, and her sister, Suzy Weiss, formerly of the New York Post.
- Weiss and Bowles recently moved back to New York City to supercharge the company's growth as it hunts for new talent. "We want this to be a place where people want to grow and continue their careers," Weiss said.
The bottom line: "The Free Press is special because it has a very scarce thing: intensely passionate subscribers," Berman said.
- "We have very ambitious plans for meeting this moment — when Americans are rejecting their old sources and finding trusted new ones."
