Writing in the HuffPost, he says:

The future of journalism is not about some single new-fangled product and company taking over from the old-fangled and monopolistic predecessor. News come from a broad ecosystem with many players adding in under many models for many reasons. News organizations will organize news in this diverse new framework, aggregating, curating, organizing. Laid-off journalists are starting blogs, alongside other bloggers. Some people will volunteer, podcasting their school-board meetings, just because they care. When we demand transparency from government as a default, data will become part of the news ecosystem we can all examine. Some of this will be supported by advertising, some by contributions from foundations, some by contributions from individuals, some by volunteer effort. And it will all add up to a new pie, one slice of which will be efforts such as the one HuffPost is announcing.

Footnote: AP report of the HuffPost venture says:

The Huffington Post is collaborating with The Atlantic Philanthropies and other donors to set up a $1.75 million fund to pay staff journalists and freelancers.

The investigative fund will direct reporters to look first at stories about the nation’s economy.