The news industry is going through some tough times. Newspaper after newspaper is folding or being subsumed by a goliath. Independent news bureaus are shutting down, forcing the news to flow through the keyboards of untrained citizen journalists. People are getting their news from the net, and that news is not being vetted in any formal way.

Amidst all this chaos comes opportunity. Jeff Bezos stepped in and bought the Washington Post. eBay founder Pierre Omidyar was also approached by the Washington Post. Though he declined the purchase, Omidyar is committing a good portion of his fortune to reinventing journalism from the ground up.

His first step was to build a partnership with Glenn Greenwald, from The Guardian.

When they finally were able to talk, Omidyar learned that Greenwald, his collaborator Laura Poitras, and The Nation magazine’s Jeremy Scahill had been planning to form their own journalism venture. Their ideas and Omidyar’s ideas tracked so well with each other that on October 5 they decided to “join forces” (his term.) This is the news that leaked yesterday. But there is more.

Omidyar believes that if independent, ferocious, investigative journalism isn’t brought to the attention of general audiences it can never have the effect that actually creates a check on power. Therefore the new entity — they have a name but they’re not releasing it, so I will just call it NewCo — will have to serve the interest of all kinds of news consumers. It cannot be a niche product. It will have to cover sports, business, entertainment, technology: everything that users demand.

At the core of Newco will be a different plan for how to build a large news organization. It resembles what I called in an earlier post “the personal franchise model” in news. You start with individual journalists who have their own reputations, deep subject matter expertise, clear points of view, an independent and outsider spirit, a dedicated online following, and their own way of working. The idea is to attract these people to NewCo, or find young journalists capable of working in this way, and then support them well.

I have high hopes for these folks. This is important work.