Kara Swisher and Walt Mossberg, the former editors of News Corp.’s AllThingsD, unveiled a new site called Re/Code, taking on their old employer in technology news and conferences.
The move follows a deal with Comcast Corp.’s NBCUniversal to help fund the business, people familiar with the matter said last month. Swisher and Mossberg will have majority control of the venture, with NBCUniversal and another unnamed investor together taking about a third of the business, the people said.
Re/Code faces an increasingly competitive market for technology coverage, including a fresh site from News Corp.’s Wall Street Journal. News Corp. is replacing AllThingsD with WSJD, which will have a similar combination of news and conferences. WSJD plans to host a global conference in Laguna Beach, California, in October.
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“We made a strategic decision last year to invest heavily in technology coverage,” Wall Street Journal Editor-in-Chief Gerard Baker said in an online statement. “WSJD represents the first fruits of that investment. No topic is more important to our readers than tech.”
Swisher and Mossberg agreed to cut ties with News Corp. in September and sought investors for the new startup, which they valued at about $25 million to $35 million, two of the people said. The two editors couldn’t agree to terms with News Corp. to retain the AllThingsD brand, according to the people.
The startup will take most of the current AllThingsD staff, who will become employees of a new holding company, they said. That business will be called Revere Digital, named for the Revolutionary War hero Paul Revere, according to the people. Bloomberg LP, the parent of Bloomberg News, competes with News Corp. in providing financial news and information.
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