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A group of discouraged former former formers Denver Post editors and reporters launched an upstart news site 2 1/2 years, named it the colorado Sun, and hoped That he could save local news reporting from the dictates of hedge fund owners and Wall Street investors.
On Monday morning, the sun has announced, and would operate a family-run chain of 24 suburban newspapers in partnership in partnership with a new foundation with a foundation concentrated on local journalism.
"These are the people who cover school board, city councils, county commissions that nobody else is," Larry Ryckman, the editor-in-chief of the colorado Sun says NPR . " They offer a unique local cover. And we do that so that we can preserve these voices."
The idea of a new digital start-up purchased from old-fashioned printing newspapers seems to be illogical: many starting exactly because they do not recognize a sustainable path in pressure.
The acquisition took part in a partnership with the National Trust for Local News, a new charitable non-profit based in Colorado. It is looking for new and financially sustainable models for outlets to offer hyperlocal news reporting as a cover of many communities, or even disappear.
The trust has been working on the transaction since November. It brought in brought the sun about a month ago, according to founder and CEO, Elizabeth Hansen Shapiro. "This is a new experiment with a different kind of financing and another owner, says Shapiro. The Colorado purchase represents the first such initiative of the trust.
In Denver is the post the dominant paper. His owner, the Hedge-Fund Alden-Global Capital, is known for the purchase of newspaper properties in financial distress and then presses greater profits from them. Alden appears that he takes over the newspapers of Tribune Publishing, to which the Chicago Tribune and the Baltimore Sun include essential metros daily newspapers and the suburban papers in the regions you. (The Maryland Hotel Magnat and Philanthropist Stewart Bainum Jr. seeks partners to offer Alden.) Ryckman says that his team has worn out that it happens in Denver.
Some of these papers are more than a century: Ryckman represented the Golden Transcript, which is 153 years old.
"All too often these days, we all know who first in the snake is to buy newspapers, and that is hedge fund or the occasional billionaire," says Ryckman. "We could not count on a benevolent billionaire galloping on a white horse. And we worried about a hedge fund that comes in. And this seems an ideal way to ensure that these community voices continued under local progress and Throwing property. "
The Colorado Sun, which edit the papers editorially, is a public benefit company, ie it is a non-profit outfit that promises to fulfill a bourgeois good for a responsible way to meet sustainable. The papers are now under the banner of the Colorado News Conservancy, the joint venture of the trust and the sun .
A welter of non-gains is involved. Local news confidence also receives help from the Colorado Media Project, an initiative supported by the Gates Family Foundation. And it currently has a tax liability with the Lenfest Institute for Journalism. The institute was bought by the deceased Gerry Lenfest, an entrepreneur and philanthrop, which bought the Philadelphia inquiries and daily news , and transferred their ownership of a large local foundation..
The papers were owned by Jerry and Ann Healey, the owners and publishers of Colorado Community Media.
"We worked hard to get the local integrity of these newspapers.They give their communities stories, information and state accountability, and connect the shops directly to the readers, said Jerry Healey in a statement. "This exciting partnership enables Ann and I to withdraw with a sense of gratitude, knowing that these local voices continue to be heard, and that these news sources are not only thriving, but also innovative if they are preaching under the new local leadership."