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Omidyar’s First Look Media Shuts Down Former Taibbi Project

NEW YORK, NY - SEPTEMBER 23: eBay founder Pierre Omidyar speaks during the panel session Democracy and Voice: Technology For Citizen Empowerment and Human Rights during the annual Clinton Global Initiative (CGI) on September 23, 2010 in New York City. The sixth annual meeting of the CGI gathers prominent individuals in politics, business, science, academics, religion and entertainment to discuss global issues such as climate change and the reconstruction of Haiti. The event, founded by Clinton after he left office, is held the same week as the General Assembly at the United Nations, when most world leaders are in New York City. (Photo by Brian Harkin/Getty Images) *** Local Caption *** Pierre Omidyar
Photo: Brian Harkin/2010 Getty Images

Racket, the publication Matt Taibbi was hired to run for First Look Media, is officially over. After less than a month of “exploring next steps” for the project in the wake of Taibbi’s somewhat dramatic departure, First Look founder and eBay billionaire Pierre Omidyar has decided to shut it down.

Here’s the statement posted to on Tuesday:

Since Matt Taibbi’s departure, we’ve been working with the team he hired to consider various options for launching a project without him. After multiple explorations, we’ve decided not to pursue the project. Unfortunately, this means that the team Matt hired will be let go.

Though their tenure was brief, we appreciate the passion and energy each member of the team brought to the workplace, not to mention their hard work on behalf of Matt’s original project. We wish them all the best.

This is a terrible thing to do just before the holidays, especially to the people who gave the internet Racket Teen.

First Look Media Shuts Down Taibbi Project