Straight Arrow News, the digital news outlet founded by billionaire TD Ameritrade founder Joe Ricketts in 2021 with a mission to deliver nonpartisan journalism, is shutting down after just five years.
Employees were informed of the decision during a meeting Friday, and Ricketts shared the news in an open letter later that day. It was not immediately clear how many employees would be affected, but the outlet ceased publishing effective immediately.
“When I started Straight Arrow, I believed there was both a need and an audience for journalism that worked hard to separate facts from opinion and gave readers the information they needed to make up their own minds,” Ricketts said. “I still believe that. But belief in a mission does not by itself make a business sustainable. After considerable investment and effort, I have made the difficult decision to cease Straight Arrow’s operations.”
The shutdown comes less than three months after the Omaha-based outlet launched a premium subscription service, charging readers $12.95 per month or $99.90 annually for ad-free access and exclusive content. At the time, the company touted a significant newsroom expansion and plans to grow its audience. Refunds are being made available for all current subscribers.
Ricketts launched Straight Arrow in June 2021, promising an alternative to politically slanted coverage. The outlet, which publishes at SAN.com, built its identity around delivering unbiased, fact-based journalism and presenting competing perspectives on divisive issues.
It is not Ricketts’ first experience shutting down a digital news operation. In 2017, he abruptly closed local news sites DNAinfo and Gothamist, putting roughly 115 journalists out of work just a week after employees voted to unionize. Ricketts cited financial difficulties at the time.
The latest closure comes a day after Salon announced it was ceasing publication after 31 years. The back-to-back shutdowns highlight the challenges facing digital news publishers, including those backed by wealthy investors.
The Guardian’s Jeremy Barr first reported the closure.
The post Billionaire Joe Ricketts’ Straight Arrow News Shutters After 5 Years appeared first on TheWrap.
