Abstract Substack, a self-described “subscription network for independent writers and creators,” launched in 2017. Substack claims to be part of a better future for news workers, yet it has been embroiled in controversy and questions, particularly in recent years. In this article, we draw on interviews we conducted with journalists and writers of color who produce newsletters to better understand the opportunities and limitations of contemporary newsletter platforms. We find that studying the experiences of journalists of color reveals a nuanced and somewhat ambivalent picture of the journalism industry and people of color’s place within it. We find that the Substack models favors the status quo, a reality that further entrenches the success of White journalists. Yet writers of color value the safety enabled by sending writing directly to a small, defined, private audience, a contrast with social media logics and their compulsory visibility.