updated 5/14/2009 8:41:27 PM ET 2009-05-15T00:41:27

Some former staffers of the now-defunct Rocky Mountain News say they plan to launch an online news magazine this summer.

The Rocky Mountain Independent would have free original content but would be supported by advertising and members who pay for benefits like premium content and live chats.

Co-founder Steve Foster says content will come from a staff of about a dozen, plus freelancers and partner blogs that will share content and revenue.

Foster and other founding journalists who are investing time or money upfront are getting an ownership interest in the magazine.

Some of the founding journalists had worked with three Colorado businessmen to launch the site InDenverTimes but split after that venture couldn't sign up enough paying subscribers.

The Rocky Mountain News closed in February.

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