Bloomberg Media Chief Executive Justin Smith stepped down effective immediately to found a new media company, and tapped New York Times media columnist Ben Smith to lead its future newsroom.
“The news industry is facing a crisis in consumer trust and confidence due to the distorting influence of social media and rising levels of polarization and parochialism,” Justin Smith said in an email Tuesday. “My plan is to launch a premium news business that serves unbiased journalism to a global audience and provides a high-quality platform for the best journalists in the world.”