Thursday, August 15, 2019

Pacific Standard magazine shutting down

The news was announced several days ago; the last official day is Aug. 16.

I get employees being angry, per Daily Beast, especially full-time or contract editorial employees. But, I think managing editor Nicholas Jackson let his anger get the best of him when he told the terminated employees to "consider what sort of legal options might be available to them."

The story makes clear that its board, at least in their own comments, worked to do due diligence on severances and all other legal issues. It also seems like they were probably somewhat blindsided by founder and chief funder Sarah Miller McCune's decision to pull the plug.

OTOH, per the LA Times, even if she is a billionaire, I can't blame her. If 90-95 percent of the mag's revenue was from her largesse, via a foundation, you have to consider making that call, IMO.

It appears that PS Mag was the sole beneficiary of the Social Justice Foundation. Whether McCune, 77, is pulling the plug on the foundation entirely, or instead moving it in new directions, wasn't announced.

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