Contests: News about Pegasus News: Domesticated but not fixed

July 17, 2007

News about Pegasus News: Domesticated but not fixed

The press release is making its way around the Interwebs as I type, but I felt like our community deserved a more personal and detailed update on goings-on here.

We've just sold Pegasus News to Fisher Communications (NASDAQ: FSCI), a publicly-traded TV and radio broadcasting company based in Seattle. While sales of companies are sometimes viewed as endings, this should be looked upon as a beginning â€” hopefully the beginning of a lot of cool things for you and for us.

First off, we're all staying on board, and Pegasus News will continue to be based right here at Walnut Hill and Central. We've always known that we needed an investor/patron/parent to make this happen. Our plan was intentionally ambitious -- mainly because we believe that is what is called for to make a business out of what we're doing. So while we've done a good job of playing at bootstrapping, we knew that could only go so far. That's why we've spent much of the past year talking to potential investors and acquirers.

And I can honestly say that Fisher is the only one out of all the ones we talked to that really "got it." (And not just because they wrote a check.) Colleen Brown, Rob Dunlop and the other members of the Fisher team came to us independently with a vision for local online news that happened to look a lot like us -- so when we met, there was an instant rapport, understanding and respect. They understood (among many other things) the funny pictures, the conversational voice and the obsession with all things local, both grand and mundane.

We've walked away from partnership opportunities over the past couple years because we didn't think the partner understood that we work best as a pirate ship, even if a well-provisioned pirate ship. (Frequent refrains that have sent us running: â€œWhy do you have to link to other sites?...You canâ€™t make fun of weather forecasters!... Can you lose the â€œDaily Showâ€ tone?... Do you really need all that data?)

So, like timid woodland creatures, we approached Fisher, found mutual trust, and have become domesticated. But that doesn't mean we're tamed or fixed (in either sense of the word).

Before I talk about how this affects you, I have to diverge a moment to talk about the Pegasus News staff . You (hopefully) know that we are a tenacious, dedicated lot. What you probably don't know is that while still working on our longer-term plans, we ran out of cash back in February. This group continued to work tirelessly to build this service from then until June without a nickel of pay. I'm a little verklempt even as I type this -- This amazing group stuck with this for nearly four months without paychecks (and a couple months prior knowing that the dry spell was impending).

These are not rich kids, or people with trust funds or cash cows at home. These are real people who struggle to make rent and keep gas in the car. And they stuck in -- even when success was not assured, and even while we took our time to make sure we were making the right partnership.

There have been many, many days in the past year that I personally have been tempted to chuck it in -- not because I didn't believe in what we were doing and not because I didn't think the business was on the right track -- but because it was so hard trying to build a battleship out of plywood. And then I'd come into the office and listen to the team trade stories of evading landlords and where to buy Ramen noodles, and I knew, for the moment, that we would make it. I can't ever thank the Pegasus team, including their families, enough. There's no quit in this group and I'm humbled that we've all hung in there. Thanks, y'all.

So, now to the important part for most of you reading this: How will this affect your Pegasus News experience?

In the short term, it simply means that your news and data won't be produced by a bunch of exhausted, broke and distracted people. Even as we were closing the deal, I've seen improvements in our quantity and quality of work, and I expect that will continue.

Further, it means that for the first time in some months, we're actually able to think ahead, plan and organize instead of just swinging from vine to vine taking on one hot task after another just to feed the beast.

While we're still going to stay true to our heritage by staying lean, it means that our team will grow a bit .

If there's been a fair criticism of Pegasus News to date, it's been that people want to see even more original staff-produced content in the mix with the aggregated content. All of the changes above will make that happen.

We're going to take some time to work on improving site design and highlighting some of the cooler hidden features.

We're going to focus some resources on advertising/marketing to grow the audience (both reader and advertising) for the site.

Once we've got the business side of the site ticking along (and not before), we'll start spreading the Pegasus News model to other cities.

Here's what won't change: The personal, wry voice of the site; our compulsion to make news fun; our dedication to all things DFW; the lack of sacred cows; and our commitment to gathering and customizing all the local information we can possibly find.

I think it's fair to say that while we've been fulfilling major parts of our vision so far, what you've seen until now is the "beta" version, even if thatâ€™s not what we called it. Now that we have the support of a partner like Fisher, we'll be moving quickly towards 1.0 -- removing nothing, but ramping up everything.

It won't happen overnight, but we hope you'll notice the changes as they happen and will continue to help keep us on track by contributing to the conversation.

milesi826, anonymous:

I admire you and your group. And Alan does NOT wear leopard tight knee-length pants and high heels.

5 years, 10 months ago
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spencerm, anonymous:

Congratulations! (Actually, Alan prefers floral tight knee-length pants.)

5 years, 10 months ago
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penguin52, anonymous:

Mike -
My magnificient son is but one of your incredible staff...I know how much he "breathes" his work. He put faith and trust into Pegasus and al and he brought "good old fashioned work ethic" with him...What a combo!!! If the rest of your staff is like him (and I suspect they are from his stories!!), than the sky is the limit for Pegasus!!!

Congrats and nothing but more, more, more for Pegasus!!!

A proud and " I told you so Chris" mom

Robin

Sorry Chris..know this is killing you...but a mom's got a right to be proud!!!!

5 years, 10 months ago
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gary, anonymous:

Chris,

Don't be embarrassed by your mom's post. I'm sure no one in the office will mention it.

5 years, 10 months ago
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Neff Conner, verified:

Wow. Working without $ for four+ months? That speaks volumes about the staff's dedication. i'm glad to know there are such good people behind this ever-expanding independent source for all things DFW, and i, for one, am grateful. Keep it up!

5 years, 10 months ago
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curo50, anonymous:

Ladies and gentlemen....my mom.

5 years, 10 months ago
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Billusa99, anonymous:

Well done... congrats!

5 years, 10 months ago
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joncuro, anonymous:

Congratulations guys. The site is pretty impressive. Oh and Chris...ha ha

5 years, 10 months ago
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Rawlins, anonymous:

This Pegasus News hits BELO the belt. As one says the morning after, "Was it was good for you?" If the answer is "si" (or "yes" depending on the bed partner), then I'm fixin' breakfast. This bud's for you!

5 years, 10 months ago
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Michael Davis, verified:

Great news. I am so happy for y'all.

I was just thinking back to the days of the beta site and how you all talked about what you wanted to do and your vision.

I look forward to watching Pegasus continue on its path. I'm always here for ya.

PS: Next time I want a heads-up on major news like this...I hate being beat out by my buddies at DMagazine...even though they did invest in y'all.

5 years, 10 months ago
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Alan Cohen, staff:

Milesi826, <a href="http://www.pegasusnews.com/blogs/pegasusnewsblog/2007/mar/15/merritt-patterson/">thanks for remembering</a>. I'm guilty as charged: <img align="center" src="http://media.pegasusnews.com/img/photos/2007/03/16/Alans_pants.jpg">

5 years, 10 months ago
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Pavel Lishin, verified:

I expect "magnificent son" will be added to Chris's resume?

5 years, 10 months ago
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Arin Whittington, verified:

Yeah !

5 years, 10 months ago
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Bill Holston, verified:

very nice, congratulations on this!

5 years, 10 months ago
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luniz, anonymous:

congrats, make sure they give you all part err I mean employee numbers. Welcome to the machine ;)

5 years, 10 months ago
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eastside, anonymous:

Congratulations to the Crew :o)

5 years, 10 months ago
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aBray85, anonymous:

Congrats!

5 years, 10 months ago
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jdwhitt, anonymous:

Damn The Man...! Except when there's a paycheck involved, I guess...

Seriously, way to go and best of luck. And thanks for supporting local music, among other things.

5 years, 10 months ago
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twisteddog, anonymous:

What will the staff buy first with their newfound riches?

Will Chad upgrade to a better apartment? Will Laura Evans buy a new Nikon? Will Todd get Stars season tickets? Will John Meyer buy a link to his staff profile from the staff page?

Will Laura Seewoester pick up a Warhol, or Chris invest in data-entry robots? Will Erin buy her way into the White Stripes? Maybe Jeremy and Brett will pool their resources and mount a hostile takeover of Wordpress? Will April buy a warehouse so that all garage sales can be held in one friggin place?

Will Shawn join the actors' guild? Will Minnie take a run at Denton City Council? Will TG finally find a place that sells normal hair coloring?

Tell us. Or you could just buy a damn shirt.

Congrats.

5 years, 10 months ago
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knucklehead12, anonymous:

Fly high with the eagles, Christian James Curotolo! Nothing can stop you now! I, like your mother, am truly proud!

5 years, 10 months ago
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Laura Evans, staff:

"Will Laura Evans buy a new Nikon?"

I shoot Canon thank you very much

5 years, 10 months ago
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Billusa99, anonymous:

"Will TG finally find a place that sells normal hair coloring?"

Likely not. But, here's one for you, Muttly: http://www.maxmaddux.com/stevepics.htm

5 years, 10 months ago
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Jeremy Dunck, verified:

"Will John Meyer buy a link to his staff profile from the staff page"

Sold!

5 years, 10 months ago
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Mike Orren, verified:

For those too lazy to click on twisteddog's post, here's some "fan art" of which I'm truly proud:

5 years, 10 months ago
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kragnor, anonymous:

Hey Michael D:

I didn't post it first because of any inside deal. I posted it first because of good old-fashioned journalism. In other words, my wife kicked me out of bed at the crack of dawn, and I checked my e-mail. Next stop: Pulitzer, baby.

Love you, miss you, mean it.

--Eric Celeste

5 years, 10 months ago
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DDunnigan, anonymous:

Great news. Congratulations.

And it's great news to learn about your new colaborative venture with Dallas iMedia Network (formerly Dallas Community Television). It's called iN Dallas and it will feature good stuff weekly about the city -- what's new, what's fun and what's hapening -- and will include guests from blogdom -- FrontBurner, Dallas Progress, DallasBlog, etc.

I just saw the vieo intro for the show this morning. Way-neat and it reflects where Dallas iMedia is headed.

Please be sure to let folks know they can see it not only on Time Warner cable, but also at www.DallasiMedia.net

All of us involved at DiMedia are excited. Break a leg, as we say in show biz.

5 years, 10 months ago
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www_LawReviewers_com, anonymous:

Congratulations to all at Pegasus News! One word of warning. Whatever happens with your new (benevolent) overlords, please don't go Kent Brockman on us...

5 years, 10 months ago
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Mike Orren, verified:

Wow-- We really appreciate all the kind wishes here and in emails/calls we've received today.

We couldn't have done this without the local community, both in the sense of our DFW friends and all the folks everywhere who are working hard on ways to use media to bring local communities closer together.

Roundup of media coverage is here: http://www.pegasusnews.com/pressroom/

5 years, 10 months ago
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FrankO, anonymous:

There are more VERY PROUD (and relieved) Parents of the guilty lurking these pages. Mike My son you bring me to tears (of JOY) WHOOOOOHAAAAA.

Your Oh so not too reserved DAD:'] (My BBQ is better than yours HA) Except for Peggy Sue's

5 years, 10 months ago
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Jef Tingley, verified:

Mike y todo,

Congrats on the news. We are all so glad Pegasus is here to stay.

5 years, 10 months ago
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violet, anonymous:

I just read Pegasus.com blogs occasionally. Glad I happened by when such great things are happening!

5 years, 10 months ago
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nicolrenee, anonymous:

Wooohoooo!!!! Congrats, y'all, and thanks for all of your dedication & hard work. Power to the People of Pegasus News!!!

5 years, 10 months ago
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Rawlins, anonymous:

Chapter two on your day when the reign of confetti made Walnut Hill look like Pompeii; I hope you have as much good will and praise when you are being eulogized and buried as you did today. "Disfruta y Salud"

5 years, 10 months ago
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