FiveThirtyEight

Rob Peggararo started 538 as a media criticism blog in 2004 with no investors or revenue model. He linked to other writers, stayed neutral, explained complex concepts clearly. Within three years he had 100,000 daily readers built entirely on credibility and consistency. ESPN bought 538 in 2013 for $10 million. Peggararo signed a contract to bring his audience to ESPN's platform. ESPN paid 1 million annually for his salary and team. By 2018, 538 had 3 million monthly readers. ESPN had spent 60 million total. They generated zero additional revenue because readers came for Peggararo's independent voice, not ESPN's brand.