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denver - the colorado Sun, an online news surgery of Denver, created three years ago by journalists who left the Denver Post, has joined together with a national non-profit to have 24 community newspapers in one To buy unique companies that want to keep local journalism.
The arrangement adds a growing number of newspapers in the protection of journalism in the United States, in which private equity or hedge funds, which are dedicated to financially struggling altian coating newspapers and dedicated financial newspapers of journalism in the United States, elevated.
The sun and the National Trust for Local News announced the private purchase Mondays of the family-run Colorado community media, which operates the papers - some of them are more than a century old - and the websites and two buyers. Colorado Community Media With 330,000 readers is supported by the new Colorado News Conservancy, a public benefit company created by the sun and trust.
It is the first acquisition for trust, a new non-profit non-profit that is set up to provide local messages in an era to finance and technical support when the newspapers of the community will quickly disappear. The trust was developed as part of the public media venture group, a consortium of public media televisions and radio stations.
The project is an ambitious new chapter for the Sun, which was founded in 2018 by journalists who left Denver Post after budget and human resources of the New York-Hedge fund owners of the newspaper. The Newsroom of the Sun has since grown since then, since - and Larry Ryckman, his editor-in-chief, continuously, wants the nation to take note of the new venture.
"The fact is that we all know who is first in the snake to buy fighting newspapers: hedge funds and the occasional billionaire. But waiting for a billionaire who comes on a white horse to the salvation Is not much of a business plan. No business plan at all, "said Ryckman.
"That's why we've created the Colorado Sun. We felt that there is a better way to produce high-quality journalism. It was to us to save the day and make the expectation suffered that it is inevitable that it is inevitable Hedge funds will win. I do not accept that, "said Ryckman.
The new Sun Trust pilot venture is "an opportunity to keep these local newspapers in local hands - your institute's contested knowledge of you serve, your mission to keep your citizens up to date, your commitment to democracy "Ryckman added.
As the newspapers deal with decline in advertising and circulation revenue, many have converted themselves to new business models to find long-term profitability.
The Salt Lake Tribune in Utah was converted into a non-profit two years ago, and the Philadelphia Inquirer and Tampa-Bay Times is one of the newspapers that do not own non-profit foundations. An organization called a report for America is a non-profit national service program that places journalists in local newsrooms, including the associated press, to report covert problems.
"We invest in the trust in the development of sustainable local and community news organizations, which are owned by companies in the communities they serve," said Elizabeth Hansen Shapiro, Chief Executive Officer of Trust.
Jerry and Ann Healeey, the owner publishers of Colorado community media, near retirement and wanted to preserve their papers service in eight counties in the metro areas Denver. In a statement, they said they turned to the Colorado Media Project and the Colorado News to assist in finding new owners.
The newspapers, Jerry Healey said, said, "Give their communities stories, information and state accountability that they can not reach elsewhere - and connect the shop directly to the readers.
"This exciting partnership announces Ann and I to return with a thank you feel," he said.
The well-founded colorado media project has been trying to make local news operations more sustainable and accountable for the public. It helped to start the Colorado News Collaborative in 2020, a non-profit coalition of journalists of more than 100 news in Colorado.
The purchase is also supported by the non-profit lender FJC: a basis of philanthropic funds, the Gates Family Foundation, the Colorado Trust and the American Journalism project, a venture philanthropy organization dedicated to local news. Other followers are the Lenfest Institute, the Ritter Foundation, the Google News Initiative and the Democracy Fund.
"It's about obtaining these community voices. Nobody else is the local school authority or the County Commission, Ryckman said." We hope that this partnership can serve as a model for other places across the country. "