How The Ankler Grew From Five Readers to a $10 Million Media Business

In 2017, Richard Rushfield sent the first issue of a Hollywood newsletter to five friends. He had been a contributing editor at Vanity Fair, a senior editor at the Los Angeles Times, BuzzFeed's Los Angeles bureau chief, and the editor-in-chief of HitFix. He named it The Ankler, after the industry term for leaving a job. Nine years later, Ankler Media publishes more than a dozen newsletters and employs about 20 people.

A Paywall at 2,000 Signups

Rushfield started The Ankler after HitFix was acquired and shut down within 90 days. He began writing while he waited to start a teacher training program, and he deferred his place four times before committing to The Ankler full time.

He ran the first version on Mailchimp and Stripe, and he told Inbox Collective that about half his time went to technical upkeep. He added readers a few at a time and invited them to pass it on once the list reached about 40 people. He kept the newsletter free for nine months and added a paywall at 2,000 signups, aiming to convert 10% of them. He said conversion came in well above that target.

The column attracted readers by challenging studios' claims. The entertainment trades repeated Netflix's viewing figures without questioning them, leaving many industry executives feeling misled. The Ankler’s scrutiny of those numbers gave readers a perspective on Hollywood they weren't getting from other industry publications.

Janice Min Becomes a Joint Owner

On December 14, 2021, Janice Min became joint owner, chief executive and editor-in-chief of the new Ankler Media. Min had edited Us Weekly and led the revamps of The Hollywood Reporter and Billboard. Rushfield became editorial director and chief columnist. TheWrap reported that The Ankler would anchor a network of newsletters, podcasts and events, with Amazon Studios as launch partner. Substack also invested in the company to keep it on the platform.

Ankler Media joined Y Combinator in January 2022. Rushfield said its advisers recommended a small raise because the business was already profitable. That June, Axios reported a $1.5 million seed round at a $20 million valuation. The company had 22,000 free and paid subscriptions, and paid subscriptions were up 92% since Min arrived. Press Gazette reported in February 2024 that the company had yet to tap the $1.3 million it received through Y Combinator. A Media Operator reported in March 2025 that the money remained unspent.

The 2023 writers and actors strikes halted production and slowed advertising across Hollywood. Ankler Media launched Strikegeist, a free strike newsletter that reached about 13,000 subscribers and brought thousands of writers and actors into its readership. In the last quarter of 2023, the company held its first events, which were free to attend and sponsor-funded.

Advertising Revenue Grows 500%

Press Gazette reported that by February 2024, annual revenue was already well into seven figures and up 75% from the same period in 2023. The newsletters had 74,000 subscribers, and sponsorships brought in about 60% of revenue. A partnership with LAist, the Los Angeles public radio station, put Ankler journalists on air every Thursday.

A Media Operator later reported 2024 revenue between $5 million and $10 million, with an operating profit in the seven figures. MediaPost reported that advertising revenue grew 500% that year. Ankler Media has reported a profit every year since its 2022 launch. Output grew with revenue, from two columns a week to twice-daily publishing, with new writers covering new beats.

Like & Subscribe

In January 2025, Ankler Media launched Like & Subscribe, a weekly newsletter on the business of the creator economy written by Natalie Jarvey. Axios reported that it would run as a standalone Substack newsletter at $129 a year. In February, The Ankler raised its annual price from $149 to $169.

By March 2025, staff had doubled to 14. A Media Operator reported 145,000 subscribers, with about 21% of free readers converting to paid. Min set a 2025 target of $10 million in revenue, split 30% subscriptions, 35% events and 35% media sponsorships. Advertisers had come mostly from entertainment, including Netflix and Warner Bros. The company was also courting airlines, consultancies and banks. A reader survey found that 30% of subscribers earned more than $500,000 a year.

CinemaCon opened in Las Vegas on April 13, 2026. TheWrap reported that Paramount pulled its advertising from The Ankler after Rushfield was seen carrying a bag of Block the Merger buttons. The buttons opposed Paramount's acquisition of Warner Bros. Discovery. Rushfield called the move censorship.

The Ankler Moves Beyond Substack

That same month, The Ankler left Substack for its own website and subscription system. Min and Rushfield wrote that the move gave them more control, a single login and one home for every Ankler product. Inbox Collective reported that the company also needed advertising technology beyond what Substack offered. Press Gazette reported about 150,000 subscribers, about $10 million in annual revenue, 18 full-time staff and 13% annual subscriber growth.

By July 2026, Ankler Media had about 20 employees plus contributors abroad. Its newsletters include the daily Wakeup, Series Business, Prestige Junkie and The Optionist.

The Ankler grew by questioning industry claims that other Hollywood publications repeated. Min built a broader business around that readership, adding specialist newsletters, sponsorships and events. Each gave the company another way to earn revenue from an audience it already served. At about $10 million in annual revenue, the challenge is preserving the editorial judgment that attracted those readers while taking advertising from the companies it covers. Paramount’s withdrawal showed how directly those two parts of the business can collide. Paid subscriptions make readers a direct source of revenue, so retaining their trust matters as The Ankler expands its advertising and events business.

Introducing the Growth Curve Score

Starting today, we rate each media business we profile on five variables, each scored from 1 to 5 based solely on public evidence.

- Monetization Streams
- Owns Its Audience
- Runs Lean
- Feeds The Core Business
- Is Durable. 

The five scores add up to a total out of 25. 

The Ankler’s story captures the transition from a writer’s newsletter to a trade-media company. Rushfield built the readership through his reporting, and Min brought the commercial and editorial management to expand it into specialist publications, sponsorships, and events. That expansion required new writers, sales capacity, and technology to support the growing business. For founders, the lesson is that a successful newsletter is a strong starting point. Building a company around it means creating an operation that can serve more readers and customers while giving the original writer room to grow.

See you next week.

If you liked this edition of Growth Curve, forward it to a founder or marketer who needs to stop renting their audience — and start owning it.