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
Feb 13, 2025
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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.
Ted Williams co-founded Charlotte Agenda, successfully selling it to Axios for $5 million by focusing on local audience engagement.
He played a pivotal role in Axios Local's expansion, leading it from zero to 30 cities and over one million subscribers.
Williams emphasizes the need for innovative business models in local journalism, prioritizing community connection over mere profit-driven approaches.
Deep dives
Ted Williams' Journey in Local Media
Ted Williams is a significant figure in the local media landscape, being the co-founder of Charlotte Agenda, which was sold to Axios for $5 million. At Axios, he facilitated the expansion of Axios Local, successfully scaling it from zero to 30 cities and over one million newsletter subscribers. His most recent venture, tinymoney.com, aims to combine local news with personal finance, reflecting his ongoing commitment to addressing community needs. Williams has established himself as a leader in local media, demonstrating that innovative approaches can yield substantial audience engagement.
Challenges Facing Local Newspapers
Williams openly discusses the financial struggles of traditional newspapers, illustrating how hedge funds often treat them as distressed assets. He highlights that owners focused on cash extraction tend to inhibit meaningful transformation within these businesses, leading to a decline in quality journalism. His $5 million public offer to buy the Charlotte Observer was premised on this belief—seeing a viable opportunity to revitalize a well-regarded local publication with a fresh approach. This situation emphasizes the pressing need for new models in local journalism that prioritize community engagement over mere profit.
Innovative Strategies for Content Creation
When launching the Charlotte Agenda, Williams focused on content that resonated with the local audience rather than traditional news coverage. He identified community interests, such as lifestyle topics and local events, which were typically overlooked by existing media outlets. This targeted approach helped garner a loyal subscriber base, as evidenced by their growth to 55,000 subscribers by the time of the sale. By producing relevant, engaging content that reflects the community's interests, Williams established a blueprint for success that current media startups can emulate.
The Role of Advertising in Local Media
A significant portion of revenue for the Charlotte Agenda came from annual partnerships with local brands, making up about 60% of total income. Williams emphasized the importance of fostering strong relationships with advertisers by ensuring their brands were authentically represented in the content. He advocated for a service-oriented approach, where sponsors received clear value, thus increasing the likelihood of retaining long-term partnerships. This model showcases the potential for local media companies to thrive financially while maintaining integrity in their content.
Future Trends in Media and Entrepreneurship
Williams believes that the evolution of media is favoring lean, entrepreneurial outfits over large corporations, as the barriers to entry are lower than ever. He encourages aspiring media entrepreneurs to start creating without fear of failure, reinforcing the idea that original content and authenticity will always hold value. His outlook suggests that there is still ample opportunity for innovative individuals to carve out niches in this changing landscape. This optimism points to a future where smaller media companies alongside local initiatives can thrive by closely aligning with community values and interests.
This episode is sponsored by Playbookz: Playbookz.co
Ted co-founded Charlotte Agenda, which led to its remarkable $5 million acquisition by Axios. He currently writes Tiny Money—a local and personal finance newsletter.
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