Bobby Moran

Moran was part of the 2011 launch of Politico’s subscription product PoliticoPoliticoPolitico is a news organization focused on U.S. politics and policy. It was founded in January 2007 by former Washington Post journalists John F. Harris and Jim VandeHei with funding from Robert Allbritton, and is known for fast-paced Washington political reporting, the Playbook newsletter and Politico Pro, a service for institutional subscribers. Since 2021 it has been wholly owned by the German media group Axel Springer.Open the full entry Pro; The Block’s later announcement said he grew Politico Pro into a business of more than $60 million.⁠[1][2]

A Politico staffing announcement said "Moran joined Politico in 2011"; a December 2017 account instead described him as a "seven-year vet of the publication."⁠[3][1]

In a round of promotions after Jim VandeHei's departure, Politico announced that "Bobby Moran has been promoted to Vice President, General Manager of POLITICO Pro."⁠[3]

Politico named Moran, a seven-year veteran, chief revenue officer, overseeing Politico Live, Focus, Pro and Audience Solutions. Chief executive Patrick Steel said Moran had been integral to Politico Pro’s growth from three policy areas to 15.⁠[1]

As Politico’s chief revenue officer, Moran confirmed 2018 revenue of $113 million and a profit of about $2 million, and plans to grow the sales team by 15% to 171 people.⁠[4]

The Block announced the appointment of Moran, formerly chief revenue officer at Politico and EverFi, as its first chief revenue officer, responsible for monetizing subscriptions, sponsorships and services. Moran later wrote that he joined in June 2021.⁠[2][5][6]

After it emerged that Alameda Research had secretly lent about $43 million to companies controlled by chief executive Michael McCaffreyMichael McCaffreyMichael McCaffrey is the former chief executive of the crypto media company The Block, who succeeded founder Mike Dudas in April 2020 and led a 2021 management buyout; he resigned on December 9, 2022, the day Axios reported that companies he controlled had secretly received about $43 million in loans from Alameda Research.Open the full entry, McCaffrey resigned and Moran became chief executive with immediate effect and joined the board. Moran said his immediate reaction was “anger, frustration and concern for all my colleagues.”⁠[7]

In his statement Moran said McCaffrey had told him about the loans shortly before Thanksgiving, that “no one at The Block had any knowledge of this financial arrangement besides Mike,” and that McCaffrey’s decision showed a “serious lack of judgment,” while adding that the company had seen no evidence that he sought to improperly influence the newsroom or research teams.⁠[6]

In his post on the day he became CEO, Moran wrote that McCaffrey had told him he weighed a merger, sale or restructuring of The Block in early 2021 and chose a restructuring, "obtaining financing in the form of loans from Sam Bankman-FriedSam Bankman-FriedSam Bankman-Fried (SBF) is an American entrepreneur and the co-founder of the cryptocurrency exchange FTX and the crypto hedge fund Alameda Research. After FTX collapsed in November 2022, he was charged in the United States with misappropriating customer funds; in November 2023 a jury found him guilty on seven counts of fraud and conspiracy, in March 2024 he was sentenced to 25 years in prison and ordered to forfeit about $11 billion, and in 2026 the U.S. Court of Appeals for the Second Circuit rejected his appeal.Open the full entry to LLCs that Mike owns and controls"; Moran put the loans at $27 million, used for the restructuring and as working capital—less than the roughly $43 million reported earlier.⁠[6][7]

Moran also wrote that McCaffrey agreed to step down and that "effective today, he will have no day-to-day management or operational responsibilities at The Block."⁠[6]

The Block laid off 27 employees under interim chief executive Moran, nearly half from editorial and research; Moran called it “a tough day for our company.”⁠[8]

The layoffs made on Friday, February 3, 2023 spanned editorial, research, engineering, sales, revenue and corporate operations. Moran said that "with regard to the financial arrangement between Mike [McCaffrey] and SBF, what I said in December still holds true" and "as far as we know, no one at the company knew about Mike's actions," adding: "We are focused on moving the company forward."⁠[8]

The Block cut about a third of its staff, research head Larry Cermak became chief executive and Moran left in the reorganization; Wintermute chief executive Evgeny Gaevoy joined the board.⁠[9][10]

The Block: Official website: https://www.theblock.co/ (opens in a new window)⁠[2]