Pierre Omidyar’s new media venture now has a name, $50M in funding and an interesting corporate structure

Gigaom

Not surprisingly — since it involves a billionaire spending $250 million on a brand new media venture with NSA leak architect Glenn Greenwald at the helm — there has been intense speculation about every aspect of eBay founder Pierre Omidyar’s new entity since the news broke in October. On Thursday, the world got a small peek behind the curtain at some details about the venture.

The new entity is being called First Look Media, and it has received its first round of funding from Omidyar to the tune of $50 million, and is setting up offices in New York, Washington D.C. and San Francisco. The news came via a press release from Omidyar Group and a blog post from advisor Jay Rosen.

Two arms: One for profit and one non-profit

The new venture has an interesting structure, in that First Look Media will consist of two legal entities: one…

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