The Intercept, a left-wing U.S. news organization known for its investigative journalism and criticism of the Biden administration, is facing a dire financial crisis that threatens its very existence. The crisis is compounded by internal strife, with multiple factions vying for control amidst a civil war-like atmosphere.
Founded a decade ago by Glenn Greenwald and Laura Poitras, The Intercept made a name for itself with groundbreaking reporting on the Edward Snowden case. However, recent years have seen the organization struggle to maintain its financial footing. This struggle is exemplified by the decision of its founding donor, Pierre Omidyar, to end his support for The Intercept in late 2022.
Now operating independently from Omidyar’s First Look Media, The Intercept is reportedly losing approximately $300,000 a month. Projections indicate that the organization could be completely out of cash by May 2025, a situation that has prompted a scramble to find new sources of revenue.
At the heart of this crisis is a deep-seated conflict among the staff. The Intercept has become a hub for pro-Palestinian coverage, a stance that has alienated some of its traditional donor base. This ideological tension has been exacerbated by a series of internal disputes over editorial direction and control, leading to a situation described by some as a “bitter civil war.”
The situation is further complicated by a recent controversy involving The New York Times, where The Intercept played a significant role. The Intercept published an article highlighting the New York Times’ retraction of a high-profile episode of its podcast “The Daily” about sexual violence perpetrated by Hamas on October 7. This move by The Intercept was seen as part of its ongoing efforts to challenge mainstream narratives and hold powerful institutions accountable.
In response to these challenges, The Intercept’s CEO, Annie Chabel, has outlined a “stretch revenue goal” that could extend the organization’s lifespan. However, whether this goal can be met remains to be seen.
The Intercept’s situation reflects the broader challenges facing independent journalism in an era of political polarization and economic uncertainty. As the organization grapples with its internal divisions and financial woes, the future of this once-prominent news outlet remains uncertain.