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denver (AP) - the colorado sun, an online news surgery of the DENVER-based online news created three years ago by journalists who left Denver Post has become a national non- Profit joined together to buy 24 community newspapers in a unique undertaking of 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, founded in 2018 by journalists who left the Denver Post in the midst of budget and human resources of the New York-based 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 occasional billionaire. Waiting for a billionaire who comes to salvation on a white horse is not Much of a business plan. It is not a business plan, "said Ryckman.
"That's why we have created the Colorado Sun. We felt that there was a better way to produce high-quality journalism. It was to us to save the day, and give a remaner to the expectation that it It is inevitable that hedge funds will win. I do not accept that, "said Ryckman.
The new Sun Trust pilot venture is "opportunity to keep these local newspapers in local hands - their institutional knowledge of the cities of them, their mission to keep their citizens up to date, their commitment to democracy" , added to Ryckman.
Since newspapers deal with decline in advertising and circulation sales, many have converted themselves to new business models to find long-term viability.
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, CEO 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 Collaborative to assist assistance in finding private owners.
The newspapers, said Jerry Healey, "Give their communities stories, information and governmental responsibility they can not give elsewhere - and connect the business directly to the readers.
"This exciting partnership announces Ann and I to return with a thank you feel," he said.
The funded funded colorado Media Projec T sets local news operations more sustainable and accountable to the public. It helped to start the Colorado News Collaborative in 2020, a non-profit coalition of journalists from 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 supporters are the Lenfest Institute, the Knight Foundation, the Google News Initiative and the Democracy Fund.
"It's about obtaining these community voices. Nobody else covers the local school board or the district commission," said Ryckman. "We hope that this partnership can serve as a model for other places across the country."
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