Stat, one of Boston Globe owner John Henry’s other media properties, is making a big move. Editor Rick Berke announced today that the health-and-life-sciences news organization is hiring Matthew Herper, a veteran Forbes reporter whom Berke describes as “sensational,” not to mention “supremely talented, versatile and deeply sourced.”
I sometimes describe Henry’s five years of ownership as throwing stuff against the wall to see what will stick. Some ideas, like Crux, launched to cover the Catholic Church, slid onto the floor, though it continues to do well under different ownership. Stat is one of the ideas that has stuck. The project was launched in 2015 with nearly 40 full-time journalists. It’s a bit smaller today (Berke puts the number at around 30), but it appears to be doing reasonably well.
During the past couple of years the emphasis at Stat has been on paid content, a $300-a-year subscription-based model known as Stat Plus. Revenue, Berke told me in an email, is 20 percent ahead of projections. “We’re not breaking even but closer and closer to profitability,” he said. According to Angus Macaulay, Stat’s chief revenue officer, the site is aiming for 10,000 paid subscribers by the end of 2019, and “we’re ahead of that timeline.”
Like Stat, the Globe itself is smaller than it was when Henry first bought it. But Henry continues to invest, if not necessarily on the scale of giving $68 million to Nathan Eovaldi so that he’ll stay with the Red Sox, one of Henry’s other holdings. The Globe is currently restocking its Washington bureau after losing several top people to The Washington Post and The New York Times, Michael Calderone recently reported in Politico. That’s not necessarily where I’d put my money (if I had money). But Globe editor Brian McGrory said at a conference last year that national politics drives readership and paid subscriptions.
In the early days of Stat, there was a lot of coverage aimed at a general audience — and, in fact, stories from Stat still migrate to the Globe on a fairly regular basis. But the paid Stat Plus model means that the site is increasingly targeting health-care professionals. The Herper move sounds like a smart way to appeal to that audience.
The full text of Berke’s message to his staff follows.
I could not be more excited to announce that we have a sensational new colleague: Matthew Herper.
Many of you are familiar with Matt’s work. Over the past 18 years at Forbes, he has distinguished himself as a supremely talented, versatile and deeply sourced reporter with a loyal readership across the health care and science communities. His first cover (with Bob Langreth) was “How the Drug Industry Abandoned Science for Salesmanship.” He went on to write 16 more covers, ranging from a deep look at breakthrough cancer immunotherapies to an early assessment of the potential impact of Bill Gates on vaccine development. This past summer, in one of his most moving recent projects, Matt gave readers an intimate window into the life of Michael Becker, a biotech executive facing end-stage cancer.
Matt also holds the journalistic distinction of having interviewed Elizabeth Holmes and Martin Shkreli on stage the very same day. (That was in their halcyon year.)
For our team of journalistic powerhouses, there is no better recruit. Matt’s interest in revelatory and compelling stories is naturally suited to STAT. He sees himself as writing and reporting from the perspective of a bench scientist, focusing on the researchers who create or study tomorrow’s medicines. He also has a knack for getting some of the most influential names in the life sciences industry to talk with him.
Beyond Matt’s journalistic heft, I see his joining us as a critical step in further ensuring our business success. Presumptuous as it may be, our objective is very clear: to corner the market on smart, must-read journalists writing about health, medicine, and science.
STAT Plus is already growing beyond our projections, and we’re confident that Matt will help us accelerate the expansion of our core business of paying subscribers and sponsors. In addition, Matt will be our point person on the editorial staff as we build out our events business.
Matt’s title will be Senior Writer, Medicine. Like Ed and Damian, he’ll be based in New York. But he has family in the region, and we’ll encourage him to work from HQ as much as he’d like.
Lastly: Matt’s interest in joining us is a testament to our groundbreaking journalism and the business that we have built. One of our biggest draws, he said, is that he’ll get to work with reporters whose work he has admired for years.
“For years, I’ve been saying this is biology’s century,” Matt told me. “Nobody has been covering that giant story better than STAT. I can’t wait to join this amazing team and see what we can do together.”
We can’t wait either. Matt starts in two weeks.
Please welcome our new colleague.
Rick