Your chance to own Islington media firm
- Credit: Archant
Crowd funding scheme offers investors stake in positive news company
A publication in Islington focused on reporting “positive” news stories has launched a campaign to encourage readers and members of the local community to own shares in the company.
Positive News, founded in 1993 and based in Torrens Street, launched a community shares offer called “Own the Media” at an event last week in a bid to raise £200,000 and become the first crowd funded global media cooperative.
The thinking behind the campaign is that by directly involving “hundreds or thousands of people” Positive News will be a democratic outlet for everyone to have an opinion on how their news media is run.
The campaign has reached 38 per cent of its target, raising nearly £77,000 of a possible £200,000 due by July 8.
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Seán Dagan Wood, the editor, is optimistic about the difference a crowd funded approach to positive journalism could make.
He said: “We’re seeing a growing public demand for our journalism as well as increasing interest in our approach from other media. Co-operative ownership is the perfect way forward to raise investment while protecting our ethos.
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“Our audience has always been incredibly passionate about what we do, so I can think of no one better to be our proprietors.”
If they reach their target by July 8, the team at Positive News intend to set the company in good stead for the long term, and continue promoting a constructive news agenda to a wider reach of readers.
Their immediate plans for the readers’ investments include building a new website as well as redesigning their quarterly newspaper into a magazine which will be sold in shops to generate further income.
At the moment, Positive News is asking for a minimum £50 investment to go towards to the future growth of the company.
For every £1 you invest, you are able to get one share, all of which goes towards having an equal say in how the company is run.