We're learning more about the new venture, First Look Media, by Greenwald and Omidyar. In a nutshell, there will be not one, but two business under the umbrella.

We're learning more about the new business venture involving Greenwald and Omidyar, known as First Look Media. In a nutshell, there will be not one, but two business under the umbrella.

First, there's a 501(c)(3) non-profit which will house the news and information website, which will feature all of the forthcoming Snowden revelations, along with articles by Laura Poitras, Jay Rosen, Dan Froomkin, Jeremy Scahill and others.

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The other business will be a for-profit tech corporation that will develop privacy software and "tools." Glenn Greenwald via Wired State:

The journalism company that has been created is a non-profit and I own none of it, and that was the plan from the start. The tech company - created to build privacy technologies and other tools - is for-profit, and I own none of that.

Jay Rosen elaborated:

The new company will consist of several legal entities. One is a technology company, a business run for profit, that will develop new media tools for First Look properties and other markets. Another is a 501(c)(3), a non-profit under U.S. law. Its mission will be to publish and support independent, public interest journalism.

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So basically it's this: First Look Media will scare you into believing that the government is watching everything you do, then it'll sell you software to protect yourself. This is not unlike MSNBC getting into the home security business then airing daily stories about how burglars and criminals are trying to break into your house -- all the time. But don't worry, here's an MSNBC alarm system for $200. Order now!

Granted, any news site has to figure out a way to pay the bills, but this sounds like a scam to me, with stolen NSA documents serving as bait to sell technology to you. How ethical.

Adding... Some very clever readers mentioned the best example of what this is. It's exactly like Glenn Beck telling his audience that the nation is about to collapse then selling them survival gear and telling them to buy gold.