Jim VandeHei and Mike Allen revealed the mission statement of their new startup Axios: ‘Media is broken—and too often a scam’

You might have heard: Jim VandeHei and Mike Allen left Politico earlier this year to start a new media outlet targeted to “corporate executives and other professionals with a mix of business and political news” (Wall Street Journal)

But did you know: Few details have been available about Jim VandeHei and Mike Allen’s new media startup after their departures from Politico earlier this year, but the duo revealed the company’s name and mission statement on Wednesday: Called Axios, the company’s mission statement is, “Media is broken—and too often a scam.” That mission statement is telling, Sarah Ellison writes: “As recent polling has shown the public’s trust in journalists to be at rock bottom, VandeHei and company certainly see opportunity there. Axios stands for ‘worthy’ in Greek. As such, the new company promises to deliver content deserving of its readers’ attention. And that starts with the articulation of a seemingly new approach to media strategy.”

+ VandeHei says Axios will be free to readers at launch and supported by advertising, but will begin adding subscriptions after two to three years (Recode)

+ Earlier: Research from the Media Insight Project found a strong correlation between trust and how much people interact with news: People who place a higher importance on a variety of specific factors related to trust are more likely to pay for their favorite news sources (28 percent vs. 20 percent), to share content (55 percent vs. 32 percent), and follow favorite news sources on social media (40 percent vs. 26 percent)