Pierre Omidyar Provides Initial Funding of $50M to Establish First Look Media

By: Press Think

The news organization created by Pierre Omidyar (formerly dubbed “NewCo”) has taken another step forward with an infusion of $50 million in capital to fuel operations being established on both coasts.

Omidyar, who provided the funding, will also serve as the organization’s publisher. Omidyar’s first capital outlay represents 20 percent of his initial commitment to the media venture.