💣 TOP OF THE WEEK: Two news media top manager departured this week — Mark Bauman from Grid and Keith Grossman from Time.
Initially we wanted to talk about the 30 years deal between Yahoo and Taboola, but then almost everyone wrote about it. So we’ve changed our mind and decided to write about two news media that missed the tops this week.
Grid. News media was founded by Laura McGann (ex-Vox) and Mark Bauman, a former ABC News reporter (and the money came from Abu Dhabi-based International Media Investments). McGann explained the main idea of Grid: “Our job is not to incrementally cover the news. We think that lots of places do that well. We’re watching the news and thinking, ‘OK, how can we freeze-frame and help people see a fuller picture?’”
So what? And now Mark Bauman is leaving the media he co-founded. As Axios wrote, Mark Bauman said he would be transitioning to an advisory role while the company looks for a new CEO that’s more focused on monetization. There are some financial issues in Grid: it spends a lot on office in Washington and on the staff (50 people). News media has attracted just 12,700 followers on Twitter, 1,676 followers on Instagram and 3,739 followers on Facebook since January — not much. So probably it’s time to change something. And they started with new CEO.
Time. Yes, Time is going to loose its President Keith Grossman, a staunch advocate of crypto and NFTs at Time (look at the NFT project TIMEPieces). He is leaving after 3,5 years in magazine to be the president of enterprise at crypto trading service MoonPay. Maya Draisin, Time’s chief brand officer, will lead TIMEPieces. Grossman began transitioning out of his role as president in January to focus on the publisher’s NFT business when Ian Orefice was named president and chief operating officer, according to a Time spokesperson.
So what? It is hard to predict the future of Web3 now, but Time was one of the first news media to pivot on NFT. And they are still going to follow this path after Grossman departure for MoonPay. Time has spent this year operationalizing its Web3 business and expanding out its team, and pointed to a TimePieces community of what he said is over 60,000 people and 150 artists. MoonPay’s pitch to investors is that it offers a “gateway” to digital assets. And despite of the FTX collapse, Grossman said that «it’s important to separate a bad actor from an industry«.