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The sports and culture publisher Defector Media, an employee-owned company launched by former Deadspin staff, has accrued nearly 38,000 subscribers in its first two years of business—an accomplishment aided in part by the success of its breakout hit podcast, Normal Gossip.
The publisher, which generated $3.8 million in revenue in its fiscal year ending in August, makes 95% of its revenue through subscriptions, according to Jasper Wang, its cofounder and vice president of revenue and operations.
But

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