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

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In 2017, Richard Rushfield sent the first issue of a Hollywood newsletter to five friends. He had spent two decades in entertainment journalism as a Vanity Fair contributing editor, a senior editor at the Los Angeles Times, the Los Angeles bureau chief at BuzzFeed, and the editor-in-chief of HitFix. He named the newsletter The Ankler, after the industry term for leaving a job. Nine years later, Ankler Media publishes more than a dozen newsletters, produces podcasts and live events, 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 first pitched the idea to trade publications and found no buyer. He started the newsletter while waiting to begin a teacher training program, then deferred his enrollment four times before committing full time to The Ankler.

The early setup combined Mailchimp for publishing and Stripe for payments. Rushfield told Inbox Collective that about half his time went to technical maintenance. He added readers a few at a time, and once the list reached about 40 people, he invited them to pass it on. He kept the newsletter free for nine months and introduced a paywall at 2,000 signups, aiming to convert 10% of those readers. The 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.

In the summer of 2019, Rushfield moved The Ankler to Substack after meeting its founders through The Information's accelerator. The newsletter attracted subscribers including studio leaders such as David Zaslav, Kathleen Kennedy and Donna Langley.

Janice Min Becomes a Joint Owner

On December 14, 2021, Janice Min became joint owner, chief executive and editor-in-chief of a new company, 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 subscription newsletters, podcasts and events, with Amazon Studios as launch partner. Substack also invested in Ankler Media to keep it on the platform at launch. 

Ankler Media joined the winter 2022 batch of Y Combinator in January. Rushfield told Inbox Collective that its advisers recommended a small raise because the business was already profitable and growing. On June 21, 2022, Axios reported a $1.5 million seed round at a $20 million valuation, raised at Demo Day. Investors included Dick Parsons' Imagination Capital, Goodwater Capital, Pioneer Fund, and FilKor Capital. The company had 22,000 free and paid subscriptions, and paid subscriptions had grown 92% since Min arrived.

In February 2024, Press Gazette reported that the company had yet to tap the $1.3 million it received through Y Combinator. In March 2025, A Media Operator reported that the sum remained unspent.

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

Advertising Revenue Grows 500%

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, with sponsorships accounting for about 60% of revenue and subscriptions for 40%. The company had six staff, four in editorial and two on the commercial side. It also began a partnership with LAist, the Los Angeles public radio station, that put Ankler journalists on air every Thursday.

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

Like & Subscribe

In January 2025, Ankler Media launched Like & Subscribe, a weekly creator economy trade written by Natalie Jarvey. Axios reported that it would run as a standalone Substack newsletter priced at $129 a year. In February, The Ankler raised its annual price by $20, 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 but 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. According to TheWrap, Paramount pulled its advertising from The Ankler after Rushfield was seen carrying a bag of “Block the Merger” buttons opposing its 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, built on Passport, a platform from Automattic and Ben Thompson. 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. Rushfield kept a separate free Substack, the Rushfield Jamboree, for writing outside The Ankler's lineup.

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. Its video series Rushfield Lunch features conversations with industry figures. 

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.

Growth Curve Score

*** Every week, we pick apart how the world's best media brands got to where they are. This post is the long read. Growth Curve, our weekly newsletter, is the sharp version: same insight, shorter format, straight to your inbox. Subscribe free here. ***