Newsletter Operator How Ted Williams Sold His Local Newsletter For $5M, Led Axios Local From 0 To 30 Cities and 1M+ Subscribers, and Played a Pivotal Role In The $525M Axios Acquisition
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Feb 13, 2025 In this engaging conversation, Ted Williams, co-founder of Charlotte Agenda and a key player in Axios Local's growth, shares his insights on local media. He discusses the strategic sale of his newsletter for $5 million and dives into the challenges faced by local media in a profit-driven landscape. Ted highlights the importance of quality content, community connections, and strategic partnerships in building a successful media venture. He also offers practical advice for aspiring media entrepreneurs navigating today's digital challenges.
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Public Offer for Charlotte Observer
- Ted Williams publicly offered $5 million for the Charlotte Observer, a newspaper he previously worked for.
- He criticized the current owners, a hedge fund, for treating it like a distressed asset.
Hedge Fund Playbook for Newspapers
- Hedge funds acquire newspapers and maximize short-term profits by raising subscription rates, especially for affluent readers, and maintaining the print business.
- They reduce costs by selling real estate and replacing experienced, higher-paid reporters with less expensive ones.
Newspaper Transformation Plan
- Focus on paid subscriptions for in-depth reporting.
- Utilize a flagship newsletter, supplementary newsletters, events, and a flagship podcast.