Hey, folks. It's time for an update on the progress of Operation Local News, a project design to provide Newport-Mesa with a thriving news operation (24/7 online; weekly in print) that's locally owned and operated.
Tom Johnson and I have just finished the legal paperwork to present a private offering to investors. (We are hoping to raise at least $1 million, in $50,000 increments, for the Newport-Mesa Daily Voice). Over the next several weeks, we will be meeting with prospective investors, and hope to get the green light to begin publishing in the summer.
We've got an absolutely amazing product planned, and a business model that will allow our news operation to compete deep into the 21st century. It's all very exciting stuff.
Now we just need to see if we can raise $1 million in this challenging economy; we've already got a nice chunk of informal commitments. We're optimistic, especially after our first few appointments. We'll detail our progress here as soon as we have news worth sharing.
In the meantime, thanks to everyone out there who is cheering for us. We appreciate it.
Monday, May 11, 2009
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