11/03/2014 03:01 pm ET Updated Nov 03, 2014

New Jill Abramson Journalism Startup Will Pay Writers Advances Of $100,000

Bloomberg via Getty Images

Late last month, former New York Times Executive Editor Jill Abramson revealed she and journalist Steve Brill were launching a startup with a goal of producing “very ambitious, killer journalism" and paying journalists "real money that they can live on."

Looks like Abramson wasn't kidding about that "real money" bit.

In an interview Saturday during the Journalism and Women Symposium's [JAWS] Conference and Mentoring Project, Abramson said they aim to pay writers advances of $100,000 to produce content for the as-yet unnamed venture.

In exchange, the author will be expected to produce "one perfect, great whale of a tale," said Abramson. The story will be available to the company's online subscribers at a cost of about $2.99 per month. Poynter adds the articles will be "longer than long magazine articles" but not quite book length.

The New York Times abruptly fired Abramson earlier this year, triggering a controversial discussion about women in leadership positions and the double standards they face.

H/T Poynter