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The Colorado Sun has bought in Colorado 24 local newspapers in Colorado, with the help of the national trust for local news, in a deal to prevent the papers from hedge funds, the sun and the Trust announced by Monday become..
The papers, most of whom are published weekly, are owned by Colorado News Conservancy, a new company created by the sun and trust. As part of the deal, the individual news publications and websites will continue to be managed by local employees.
All outlets in the deal belonged to Colorado Community Media, a newspaper chain that Jerry and Ann Healey belonged. Some of his titles have existed for more than a century.
The deal should be a model of a "practicable and replicable alternative to national consolidation of local news sites by private equity or hedge funds", the announcement declared.
Loan financing of the deal was provided by the non-profit FJC foundation of philanthropic funds and guaranteed by the Gates Family Foundation, the Colorado Trust and the American journalism project, said the CEO of the National Trust, Elizabeth Shapiro..
The Colorado Sun was started by journalists who had worked for the Denver's contribution, but after the paper after the paper was bought by the hedge funds digital First Media, and the new owners began staff.
Opposition against hedge fund media ownership also motivated the proposed acquisition of the Baltimore sun at sunlight for each institute. This non-profit was created specifically by Hotelier Stewart Bainum to prevent the sun from being currently hearing from Tribune Publishing, from which Hedge Fund Alden is acquired Global Capital.After this deal broke, Bainum and Swiss Millionaire Hansjörg Wyss offered an offer offered, offering an offer to buy all grandstands to prevent alden from 20 newspapers including the Baltimore sun, the Chicago Tribune, the daily New Yorker Daily news and South Floridas Sun Sentinel, and Orlando Sentinel as part of the deal.
The bid fell up after Wyss was pulled out. In the last week, however, Bainum announced that he was still trying to put together another proposal for Tribune, according to the New York Times.