Statesman sells In Fact Daily to nonprofit

Oct 7, 2013
Austin Business Journal

The Austin-American Statesman Friday sold a small but power-packed online publication that is regarded by many as the best source of City Hall news


Journalist Michael Kanin has bought In Fact Daily for an undisclosed amount. Kanin, a writer for In Fact and the Austin Chronicle, purchased the online newsletter via the Capital of Texas Media Foundation. He started the nonprofit, which is still seeking its 501(c)(3) status from the IRS, recently to execute this deal, he said. He’s unsure whether it’ll be a vehicle for future acquisitions


He said the purchase was financed by donors to the nonprofit and fueled by his passion for traditional journalism


He declined to disclose In Fact Daily’s circulation, and said only that it’s a small and select group. He also declined to say whether it’s profitable or speak about revenue. Current rates aren't publicized, but In Fact Daily is known for being an investment that can cost subscribers more than $1,000 annually


The Statesman has considered selling other assets — including its building on Lady Bird Lake — in recent years to compensate for waning revenue. But it doesn’t have any other assets on the market, said Director of Consumer Marketing Shannon Cockrell. Executives at the Cox Media Group-owned paper have said in the past — and one said today — that they’re not in the habit of giving unsolicited proposals the cold shoulder


The Statesman portfolio includes seven community newspapers; Austin360, the entertainment publication; ¡Ahora Sí!, the Spanish-language publication; and Real magazine. The print publications reach more than 730,000 readers each week. Statesman and Austin 360 digital platforms account for more than 5.5 million visitors who access more than 21 million pages each month


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