Eager media-watchers who have been waiting for more details about the new media venture that Glenn Greenwald and eBay founder Pierre Omidyar are launching finally got some information on Thursday, when Omidyar announced that the organization will be called First Look Media, and that he is putting an initial investment of $50 million into it.
Omidyar also said that the company will have two separate branches—one a for-profit technology wing, and the other a non-profit news and information site, which is presumably where Greenwald and his colleagues will be centered.
It's still not known when the news site is launching, or whether it will share the name of the umbrella company.
Read the full memo here.
Note: Omidyar is also CEO of Honolulu Civil Beat, which partnered with The Huffington Post to create HuffPost Hawaii.