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He Made Billions on Google and PayPal. Now, He’s Betting on News.

NYT - Media · Benjamin Mullin · last updated

Many billionaires from Silicon Valley have lately cast a critical eye on the news media. Michael Moritz, the venture capitalist who made billions by placing early bets on companies like Google and PayPal, is taking the opposite approach.

Mr. Moritz said in an interview over the weekend that The San Francisco Standard, a local news organization he co-founded, was buying Charter, a digital publication focused on the future of work, to broaden its focus. Kevin Delaney, a founder of Charter, will be the editor in chief of both publications.

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State of Play

The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.

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