Justin Smith, the former head of Bloomberg Media, and Ben Smith, the former New York Times media columnist, have approached some of the biggest names in media in an effort to raise $20-30 million to launch a news organization by fall of 2022, according to people they've pitched.
Why it matters: The Smiths, who tell investors they'll burn through $50 million in cash before breaking even, have approached Bob Iger, Michael Bloomberg and Laurene Powell Jobs' Emerson Collective, sources tell Axios.
