MONEY TROUBLES

The Intercept Has Got a Major Money Problem: Report

The outlet is reportedly losing $300,000 a month.

The Intercept is losing money fast and could be completely out of cash by May 2025, according to a report. Internal data from the progressive outlet obtained by Semafor show that The Intercept is losing around $300,000 a month and could have a balance of less than $1 million by November if the current trend holds. The publication founded by journalists Glenn Greenwald and Laura Poitras in 2014 laid off about 30 percent of its staff in February and fired Roger Hodge, its editor in chief. Hodge’s relationship with The Intercept’s CEO, Annie Chabel, had been declining in the months leading up to his departure after he told Chabel he wouldn’t lay off more staff, with sources telling Semafor that Chabel had also become “frustrated by his lack of enthusiasm for working more closely with the business side.” Chabel told Semafor that the projections indicating that the outlet is facing a cash crisis are only a worst-case scenario and that The Intercept has a “stretch revenue goal that would allow us to continue into a longer horizon.”