Politico boss buys New York website Capital and plans big expansion
New York is to get an injection of Politico dynamism. Robert Allbritton, publisher of the Washington-based site, has bought for an undisclosed sum Capital New York, an online news site that covers New York City.
Capital: New look on the way
In a statement today he said he plans to make a "substantial financial investment" to grow the company. "I have very big ambitions for Capital to do in New York what we did in Washington with Politico."
Capital New York will be hiring more than two dozen staff- quadrupling the present count of eight. A redesign will be introduced in the autumn. The business model will borrow from that of Politico, Allbritton said, with ads and subscriptions targeted at the "most influential readers in the core subjects it will cover."
Capital was launched in 2010 by former New York Observer editors Josh Benson and Tom McGeveran. It will now be led by Politico co-founder and executive editor Jim VandeHei, who will serve as president while remaining in his current role at Politico. Benson and McGeveran will remain co-editors.
Allbritton's goal, reported on Poliico itself, is to apply the Politico business model to New York City and "focus laser-like on New York and its power centers, including the media, city and state politics, culture and business."