‘Titanic of Publishing Disasters’

(DCWatchdog.com) – In a testament to how a huge undertaking can easily go up in flames a start-up news site that kicked off with a lot of excitement has closed down before even hitting a year.

In a massive flop dubbed “the Titanic of publishing disasters” The Messenger announced it would cease existing. All the articles vanished from the website after a tip-off that the site would shut down.

Alarms were raised when it was revealed that around 300 people who worked there would not get any compensation after losing their jobs. Although co-founder and CEO Jimmy Finkelstein managed to get $50 million to start the news site he recently found himself in a rush to secure more money.

The site’s team was on edge while they waited to see if the company could dodge the crisis. Spokespeople for The Messenger refused to comment on the matter as the only thing left on the website was an email address.

Finkelstein had huge plans to make The Messenger a major news source with a neutral point of view. He aimed to hire 550 journalists in a year and wanted to compete with big names like The Los Angeles Times.

He even spent a lot of money to poach people from well-known sites like The Post, Politico and NBC News. For instance sources say editor Dan Wakeford was paid about $900,000.

An attempt to rescue the site came from some media and business executives. Omeed Malik, who supported Tucker Carlson’s new media project, thought about buying a big part of The Messenger for $30 million. Experts dismissed the idea since the site was not doing well with money or getting many visitors.

The collapse came after Finkelstein and CEO Richard Beckman told The New York Times they would get 100 million readers a month and make $100 million in 2024. But in November they only had 12.5 million visitors.

The company started off rough after spending $39 million on hiring and ended last year with a $43 million loss. It even had to let go of some staff to save money in an attempt to keep the site afloat.