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Illustration: Eniola Odetunde/Axios

Three digital media veterans are launching a new paid subscription media company with a multi-million dollar Series A funding round led by 40 North Media, a related investment business of Standard Industries, and private equity giant TPG Growth, Axios has learned.

Driving the news: The co-founders of the new company are Joe Purzycki, co-founder of the podcast company Luminary, Jon Kelly, a former New York Times editor and founder of Vanity Fair’s "The Hive," and longtime digital media executive and early Athletic employee Max Tcheyan.

The outlet will focus on premium news and analysis of business and culture, according to sources familiar with the company's plans.

  • The co-founders plan to hire seasoned journalists and provide them with the technology and marketing support needed to help them build their audiences further across new platforms, like live audio, newsletters and live events.
  • Purzycki, who will lead the company's tech efforts, will be CEO. Kelly will serve as editor-in-chief. Tcheyan will lead on marketing and growth.
  • David Winter, co-CEO of Standard Industries, and Jim Coulter, co-CEO of TPG, will have seats on the board.

The big picture: The business model of the new outlet is notable in an era where many journalists are looking to strike out on their own.

  • The company aims to bundle journalists and resources, just like a traditional newsroom, but empower them to create more multi-channel content, according to sources familiar with the business plans.
  • Many traditional newsrooms have been slow to help journalists build skillsets and audiences across multiple mediums.

Go deeper

Updated Apr 13, 2021 - Economy & Business

Scoop: DraftKings readies major media push

Illustration: Sarah Grillo/Axios

DraftKings has hired Brian Angiolet, former senior vice president and chief business officer at Verizon, as the company’s first-ever chief media officer.

Details: Angiolet will lead a team responsible for evaluating potential media acquisitions and content efforts, sources tell Axios. The team will help vet future deals and content partnerships that the company will use to help drive customer referrals to its sportsbook.

Apr 13, 2021 - Economy & Business

Graydon Carter's Air Mail outlines ambitious growth plans

Photo by John Shearer/Getty Images

Former Vanity Fair editor Graydon Carter's new media venture, Air Mail, expects to employ 40 people by year's end, up from 30 today and 10 at launch in 2019, Axios has learned. It currently has over 75 editorial contributors.

Why it matters: While some have criticized the outlet as a nostalgic attempt to recreate print online, its strategy has helped the company seamlessly transition into new revenue streams like e-commerce, where brand authority is important.

38 mins ago - World

Putin is challenging Ukraine's "right to exist," Blinken says

Blinken (L) speaks in Berlin on Thursday. Photo: Kay Nietfeld - Pool/Getty

Secretary of State Tony Blinken put the stakes of a Russian invasion of Ukraine in stark terms on Thursday, saying Vladimir Putin's threat is a direct challenge to Ukraine's "right to exist" as an independent country and a democracy.

What he's saying: “There’s been a lot of speculation about President Putin’s true intentions, but we don’t actually have to guess. He’s told us, repeatedly. He’s laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation," Blinken said during a speech in Berlin.