Friday, April 24, 2009

Internet-only news site falters

A coterie of former Rocky Mountain News reporters has gone back to the drawing board after breaking with its financial backers in an effort to launch an online newspaper.

INDenver Times, a subscription-based and fully staffed Internet newspaper, was scheduled to launch May 4 until Thursday, when organizers announced that they failed to reach their goal of 50,000 paid subscribers. The site reportedly had sold only 3,000 subscriptions.

Without that subscription base, the site's financial backers - entrepreneurs Brad Gray, Kevin Preblud and Benjamin Ray - have opted to reconfigure the project with a scaled-down staff. Meanwhile, a newsroom group led by former RMN reporters plans to pursue investors interested in keeping the original plan for a fully staffed news product, said business writer David Milstead.

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