The Intercept 'nearly out of money' and 'facing its own bitter civil war': report

Semafor reports that The Intercept "is running out of cash" and will likely be out of money entirely by May 2025. Those projections however, per Intercept CEO Annie Chabel, are a worst-case scenario.

The Intercept, co-founded by independent journalist Glenn Greenwald, who left the outlet in 2020, is a far-left outlet that has been a major voice in opposing Israel's fight against Palestinian terror group Hamas.

The outlet is "nearly out of money and facing its own bitter civil war," Semafor reports, "with multiple feuding factions battling for power and two star journalists trying to take control," Semafor reports. Those two are co-founder Jeremy Scahill, Washington, D.C. bureau chief Ryan Grim.

The Intercept is one of many leftist outlets facing turmoil. The New York Times and NPR have each been facing internal struggle amid accusations of newsroom bias. Short-lived outlet The Messenger folded earlier this year amid a cash crunch of their own.

One of The Intercept's founding donor's Piette Omidyar ended his financial involvement with the outlet in 2022. Now The Intercept is losing some $300,000 per month. 30 percent of the editorial staff was let go in February.

Chabel said that there was a "stretch revenue goal that would allow us to continue into a longer horizon." However, Semafor reports that "tensions between the outlet’s star reporters, its founders, and its four-person nonprofit board are threatening to unravel it."

Chabel, a former exec from the not-for-profit world, has faced backlash from Intercept staff. Her goal in joining was to steer the outlet ahead after Omidyar broke off. While a grant came in from Omidyar as his own First Look Media spun off, the outlet moved to a donation model.

The editorial union of The Intercept issued a statement in March saying Chabel "had one job to do, and she failed."