But if Kushner fails, he will have gone down investing in journalism. And he says he’s in it for the long haul. “I don’t think that our model is for everybody,” Kushner says. “It takes a really long-term commitment. We have no institutional investors. We have no plans for an exit. We bought this basically to own it indefinitely.”

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.