This week there’s been a lot of back-slapping of Business Insider’s near $ 500 million exit. And why not? It’s the largest blog exit we’ve seen to date. So much so, that as Paul reported it’s created a mercenary streak among young reporters who hope to find a place they like and “crank” until it sells.
Earlier this week, here in Chicago, I was invited to give a keynote about the health of media companies. The BI sale prompted me to dig out some stats on the apparent change in heart venture capitalists have had towards content.
I’ve certainly lived that change in just the three in a half years Pando has been around. When Marc Andreessen invested personally in Pando, the firm’s bylaws allowed him to do so because they would never invest in a content company, meaning there would be no conflict. Fast forward to today, and Andreessen Horowitz is one of the largest investors in Buzzfeed.
My hunch was that yes, things have changed a lot since Jonah Peretti tweeted this:
Tech companies won’t hire reporters, most VCs won’t fund companies that employ them, and both say tech is the key to saving journalism. Ha!
— Jonah Peretti (@peretti) July 10, 2012
But that compared to the broader landscape money going to content was still chump change, dominated by a few promising companies, and not many exits. I was more right than I’d realized…