Billionaire Joe Ricketts’ Straight Arrow News Shutters After 5 Years

Straight Arrow News, a digital news outlet founded by billionaire Joe Ricketts in 2021, announced its shutdown after only five years of operation. The digital platform, which aimed to provide nonpartisan journalism, closed down abruptly on Friday. Ricketts introduced the news to his employees during a meeting and later shared the decision in an open letter.

It remains uncertain how many employees would be impacted, but the news outlet ceased publishing immediately. Ricketts expressed his belief in the mission of Straight Arrow, stating that there was a need for journalism that separated facts from opinions and provided readers with information for them to make informed decisions. However, he acknowledged that belief in a mission alone does not ensure a sustainable business.

The closure occurred less than three months after Straight Arrow launched a premium subscription service, offering readers ad-free access and exclusive content for $12.95 per month or $99.90 annually. The company had also undergone significant newsroom expansion and aimed to grow its audience. All current subscribers were refunded for their subscriptions.

Founded in June 2021, Straight Arrow positioned itself as an alternative to politically biased coverage, delivering unbiased and fact-based journalism while presenting opposing viewpoints on contentious issues. The outlet operated at SAN.com. Ricketts had previously shut down digital news operations in 2017, abruptly closing local news sites DNAinfo and Gothamist, resulting in the loss of approximately 115 journalists just a week after employees voted to unionize.

The latest closure follows the recent announcement from Salon, which ceased publication after 31 years. The recent closures underscore the difficulties faced by digital news publishers, especially those with substantial investments from wealthy investors. The closure was first reported by Salon's parent company, The Guardian.