Justin Smith, the CEO of Bloomberg Media Group, has left his position at the digital news media company effective immediately, according to a report by The Wall Street Journal.
Michael Bloomberg has already announced that Bloomberg Media’s Chief Growth Officer, Scott Havens, has been tapped as the division’s new CEO. Smith will serve as an adviser over the next few months to assist with the transition.
Smith, who had been with the financial data company’s news division since 2013, will stay on as an advisor for a few months to ensure a smooth transition before turning his full attention to his own endeavor.
Smith hasn’t yet revealed the name of his new startup but has announced it will be a premium news platform. To help execute this dream, he has also recruited New York Times columnist and former BuzzFeed Editor-in-Chief Ben Smith as the leader of the startup’s newsroom.
“The news industry is facing a crisis in consumer trust and confidence due to the distorting influence of social media and rising levels of polarization and parochialism,” Justin Smith said in an email obtained by The Journal. “My plan is to launch a premium news business that serves unbiased journalism to a global audience and provides a high-quality platform for the best journalists in the world.”
Justin Smith is an experienced media executive who has held leadership roles at Atlantic Media. He also created the U.S. edition of The Week magazine, founded Breaking Media and spent time working at the U.S. Department of State.
According to The Journal, Justin Smith is currently planning to raise “significant funding” for his new startup and has already talked to David Bradley, the Chairman Emeritus of the Atlantic, about the venture.
