Does Michael Bloomberg want to be the next Michael Arrington? His company, Bloomberg LP, just announced the creation of Bloomberg Beta, a $75 million venture capital fund based in San Francisco. The fund will invest in some of the same companies covered by Bloomberg News, another division of Bloomberg LP.
While it is a potential conflict of interest (in the ethical sense, not the SEC sense), this kind of arrangement is not unheard of in Silicon Valley, where Mr. Arrington started a venture capital fund while still editor-in-chief of the tech blog Techcrunch. Of course, Bloomberg insists that Bloomberg Beta and Bloomberg LP are “separate legal entities,” which is true, though Bloomberg LP is the only investor in Bloomberg Beta. (New York Times)
In other news:
Wonkette owner Rebecca Schoenkopf tells Politico that she’s hoping to hire two more writers for the site, which receives about a half million unique visitors each month. But she can’t find an intern to do news roundups for $50/week. (Politico)
Courtney Weinblatt, editorial director of Isaay.com, joins Marie Claire as
marketing market director today. Kayla Webley, currently at TIME magazine, will join as senior editor in a few weeks. (FishbowlNY)
Digital First Media may be looking to buy Newsweek, acccording to Forbes‘ Jeff Bercovici, who can’t understand what the company sees in the weekly. Then again, the company isn’t known for picking winners; the Journal Register Co., a group of local newspapers managed by Digital First, declared bankruptcy last year. (Forbes/Poynter)
When the Associated Press first filed a Freedom of Information Act for the secret email addresses of federal government appointees, the feds offered to give them up…for one million dollars. (The Atlantic Wire)