Central Newspapers Creates CNI Ventures
In January 2000, Editor & Publisher ran a short item announcing that Central Newspapers Inc. had created a new business unit to handle its investments in internet and technology companies. The story was only a few paragraphs, but it marked a real shift in how the company — publisher of The Arizona Republic and The Indianapolis Star — thought about where the future of news and information might be built.
Central Newspapers Inc. (CNI), publisher of The Arizona Republic and Indianapolis Star, has created a new business unit – CNI Ventures – to handle the company’s investments in the Internet and technology sectors. CNI Ventures will focus primarily on investments that develop delivery methods for news and information.
The distinction E&P drew was an important one inside the company. The existing newspaper websites were not going into the new unit; they stayed with the newspapers, where they belonged as part of the core business.
Central’s existing newspaper Web sites, such as Arizona Central and StarNews.com, will not become a part of the Ventures division, but remain a part of Central’s core business.
The investments that did move under the Ventures umbrella were a good snapshot of what looked promising at the turn of the century: BrightStreet, described as a provider of online promotions management solutions; E Ink, a developer of electronic display technology; Event411, a creator of online event-planning tools; and WaveShift, a creator of systems and software for new media. Incpad, the company’s high-tech job site — until recently called Westech Virtual Job Fair, as the item notes — stayed with the main internet activities alongside the newspaper sites.
E Ink is the one that still makes me smile. In 2000, electronic display technology was an article of faith, a bet on a future device that would carry news and information without paper. It took a while, but that one worked out.
And then the last paragraph, which is why this clipping is in my files:
Howard I. Finberg, director of technology and information strategies, has been given the added responsibility of vice president at CNI Ventures in order to coordinate the investment committee.
Coordinating the investment committee was a different kind of work than anything I’d done in a newsroom. The timing, of course, is part of the story — January 2000 was very near the top of the market for this sort of enthusiasm. The idea behind the fund was sound: newspaper companies needed to understand and have a stake in the technologies that would deliver news next. The trick, then as now, was picking correctly.
