involved in investments in Take-Two Interactive Software (TTWO), Alloy Media, ITN Networks, and Time-Life. Friedlich served from 2005-2013 as Chairman of the Board of Naylor LLC, a North American business-to-business publisher and events company before its sale to RLJ Equity Partners in 2013, the private equity firm of BET founder Bob Johnson. Empirical Media Advisors Friedlich founded Empirical Media Advisors with Jack Griffin in 2011. He was appointed CEO in 2014 when Griffin left to become CEO of Tribune Publishing, an Empirical client. Empirical advises news and media companies on their digital transition, and has worked closely with The Wall Street Journal, Reuters, Bloomberg, Tribune Publishing, The Philadelphia Inquirer and other news organizations in the U.S. and abroad. According to press reports, the firm advised investors on the prospective purchase of the New York Daily News and The Boston Globe, and was instrumental in the digital-first redesign of The Dallas Morning News. Empirical has been quoted widely on media and journalism topics, including by The Wall Street Journal, Fortune magazine, and The Washington Post. Empirical Media was acquired by cable television pioneer H.F. “Gerry” Lenfest who donated the company to the Institute for Journalism in New Media, later renamed The Lenfest Institute for Journalism. Empirical Media and its team of advisors have been fully integrated into the Institute, offering guidance to news organizations around the world. Digital Media Investments Friedlich was active as an early-stage investor in digital content, news and advertising technology, often co-investing with former Wall Street Journal executives Gordon Crovitz and Craig Forman through NextNews Ventures, an early-stage private investment fund. Friedlich was a seed investor in Business Insider, with Henry Blodget, Kevin Ryan, Crovitz and others, and in subsequent investment rounds with Jeff Bezos. Press accounts have cited NextNews Ventures investments in Nuzzel, a social media curation tool, with Andreesen Horowitz, Poncho [a weather chat bot] with Betaworks, Lerer Hippeau Ventures, Comcast, and RRE Ventures, Watchup, a news video player, with Tribune Media, and Skift, a travel news company, with Lerer Hippeau. The Lenfest Institute for Journalism Friedlich was named in September 2016 to lead The Lenfest Institute for Journalism, a non-profit organization that supports innovative news initiatives nationwide, with a special emphasis on metropolitan areas, such as Philadelphia. Founded by cable TV pioneer H.F. Lenfest, the Institute’s mission is to develop effective business models for journalism on the local and metro level in the digital