The Slate Group, owned by The Washington Post, is shutting down The Big Money. Launched two years ago and sponsored by American Express and Infiniti, this spin-off was supposed to be a business media site that leveraged Slate’s existing brand and the financial crisis. According to Slate Group editor-in-chief Jacob Weisberg and publisher John Alderman, the site was “not pointed toward profitability on a fast enough timetable.” They went on to say that they “struggled to grow the site’s traffic to carry enough ad inventory to run a profitable business.”
Just a short while ago in May, Weisberg was boasting a 52 percent increase in revenues for the Slate Group during the first quarter. He also mentioned that they were one of the few publishers expanding on web journalism while others were being forced to cut back. This is obviously no longer the case and it’s interesting that such a major move as shutting down one of their properties would come in such a short time after.
Even though The Big Money didn’t make it, Weisberg and Alderman are quick to point out that these problems are centered around The Big Money. The Slate Group is doing well as a whole with a “strong first half” and revenue up 26 percent during the first six months of this year. Other properties like TheRoot.com and ForeignPolicy.com are said to be “doing well.”
The Slate will still be covering business, choosing to redirect The Big Money to a Slate Business page. A note on this landing page greets readers of The Big Money, saying: “Welcome to Slate’s Business and Technology section. The Big Money ceased publication on July 30, but the great business coverage you’ve come to expect from it continues here on Slate. Look below for the newest business and technology stories.”
The Big Money editor Jim Ledbetter is joining Slate as a full-time, staff business writer. Publisher Brendan Monagahan will be a VP of business development, in charge of developing alternative revenue streams and partnerships. Only time will tell if The Big Money was simply mis-handled, or if it’s demise points to deeper issues within The Slate Group.
via Slate to Close ‘The Big Money’