Nov. 25, 2014, 1:35 p.m.
First Look Media announced today that Racket, the political satire magazine originally headed by Matt Taibbi, is shutting down.
Since Matt Taibbi’s departure, we’ve been working with the team he hired to consider various options for launching a project without him. After multiple explorations, we’ve decided not to pursue the project. Unfortunately, this means that the team Matt hired will be let go.
The announcement follows weeks of seeming instability at the company. New York Magazine’s Andrew Rice
broke the news last month that Taibbi, who had been brought on to run the magazine, would be leaving the project. The team at First Look’s The Intercept followed up with a detailed explanation
of the management and culture clashes that led up to his departure. Shortly thereafter, Glenn Greenwald announced
that editor-in-chief John Cook
was leaving The Intercept and returning to Gawker Media.
In the wake of Taibbi’s departure, the remaining staff of Racket, presumably under the leadership of Racket executive editor Alex Pareene launched a new project that fit in well with what was to have been the magazine’s satirical tone and penchant for pranks. RacketTeen, a somewhat inscrutable Tumblr account, poked fun at everything from Defense Secretary Chuck Hagel to media insiders to parents.
The announcement, which leaves the entire staff of Racket without jobs, was met with consternation and general upset by those in the media who had hoped RacketTeen was the sign of more cutting-edge commentary to come. Some also expressed concerns for how the staff had been treated by First Look.
What’s next for the staff of Racket, and for First Look, remains to be seen.
I reached out to Racket staff members for comment, but so far haven’t heard anything back.
Amid the wry jokes, though, it’s important to remember that Pierre Omidyar, First Look’s founder, promised $250 million to the project last year. The organization is often cited on the list of new media projects that are cause for optimism about the state of the industry. With plenty of funds and talent on hand, there’s considerable confusion over what is causing First Look to falter.