Only one of them, Justin B. Smith, 56, is the CEO of Semafor, the new American media outlet that has arrived with a mission to save the industry and has just been valued at $330 million. Right now, Justin and Ben Smith, the other co-founder, are feeling optimistic and euphoric, according to interviews. They see themselves in a position to compete with the country's major newspapers.
As I finally got to work on writing Defector's fifth Annual Report, I found myself noodling on some broader thoughts about the worker-owned media landscape. Tom said some sections would work as a standalone blog, and who am I to disagree with Defector's Editor-in-Chief? You can find the full version of the Year 5 Annual Report here, but below are my reflections on starting a worker-owned media company in 2020 vs. 2025, how Defector is hoping to help,