Grassroots progressive activists including Blog for Iowa, have been saying for some time liberal billionaires should invest in media. This is great news.
A new public benefit corporation backed by billionaires Reid Hoffman, George Soros, and others is launching Tuesday to fund new media companies and efforts that tackle disinformation.
Why it matters: Good Information Inc. aims to fund and scale businesses that cut through echo chambers with fact-based information. As part of its mission, it plans to invest in local news companies.
The group will be led by Tara McGowan, a former Democratic strategist who previously ran a progressive non-profit called ACRONYM.
- ACRONYM invested in for-profit companies that built media and technology solutions for progressive causes. It ran one of the largest digital campaigns to defeat President Trump in the 2020 election, totaling $100 million.
- One of the companies it invested in, called Shadow, made headlines last year for contributing to the delayed reporting of the Iowa caucus results.
- Hoffman, the founder of LinkedIn, backed ACRONYM.
Details: Good Information is launching with a multi-million seed investment led by Hoffman and joined by investors Ken and Jen Duda, Incite Ventures, and George Soros.
- “We are disclosing our investors, because we believe — especially right now in this environment of mistrust — that transparency is really important,” McGowan said.
- Good Information Inc. will invest in new businesses and solutions that tackle the disinformation crisis. That could mean funding new or existing companies that boost news from existing news outlets.
The company’s advisory committee consists of nearly two dozen political, media and tech experts, including former White House Communications Director Dan Pfeiffer, Civic Signal Founder Eli Pariser, Check My Ads co-founder Nandini Jammi, former Chicago Tribune and Chicago Sun-Times Editor Mark Jacob, Accountable Tech co-founder Nicole Gill and others.