Wednesday, May 02, 2007
OnHollywood: New Journalism Requires New Rules
Bambi Francisco, a longtime journalist with CBS Marketwatch recently left the organization to pursue a venture that she started called Vator.tv. She started the website, which enables startups looking for capital investment to post videos about their companies and receive feedback from Francisco and other, in September. She disclosed the site to her bosses at Marketwatch, which was comfortable with the arrangement.Some news reports claimed a conflict of interest because she had invested in the company (she is the founder) and had written about Peter Thiel, the primary financial backer of Vator.tv. After the news reports, Francisco decided to hasten her decision to leave Marketwatch.
Francisco's only reference to Thiel after she started Vator.tv was mentioning that he was on the board of startup Powerset, which she was writing about. Duing a chat with Francisco at OnHollywood about the changing rules governing journalist/entrepreneurs, she admitted that in retrospect she should have mentioned that she had a business relationship with Thiel. That disclosure probably would have diffused much of the criticism that led to her quick departure from Marketwatch.
While reviewing startups and allowing them to post videos might have the appearance of improprietary for a financial columnist, Francisco said she has does not charge companies to place their videos on Vator.tv, nor does or will she work as a consultant for startups. So her assessments, as well as those of Vator.tv contributors, can be perceived as being without bias for financial reasons. Vator.tv, which is relaunching in a few weeks, will take money from ads and sponsorships, just like thousands of other online publications.
But what Francisco wants to do is no different than what many bloggers are doing -- running a website that offers analysis and accepts ads to pay for it. Many writers also have personal blogs and receive a small amount of income, but the difference is that she upped the ante because she is an accomplished columnist and by creating a company that took an investment from a well known investor.
The standards that journalists are held to is changing as more personalities decide to test being entrepreneurs. Should they be prohibited from writing just because they own a website that accepts ads? That seems a very high bar (and one that I will be measured by soon as well). Would the same "scandal" have arisen if CBS Marketwatch gave Francisco a small interest in itself? Probably not. Athletes can own part of the teams that they play for, so why not journalists?
Journalists see the opportunity of being their own bosses, and preventing them from having ownership of publishing ventures seems unfair -- as long as there is disclosure. Similarly, Arianna Huffington writes and owns Huffington Post at the same time, and that is acceptable. Historically writing for the NYTimes or CNN gave instant credibility to a writer. But the world of blogging and internet publishing has opened up ownership, and puts the onus on the reader community to decide who should or should not be a trusted source.
I'll post the full interview with Francisco later, and you can decide for yourself.
Posted By John Gartner at 06:20 PM
Permanent Link: OnHollywood: New Journalism Requires New Rules
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