14 May, 2009

Nonprofit newspapers = way of the future

from Newsweek:

If Geffen were successful in landing The New York Times, said one of the confidantes, he'd convert it into a nonprofit institution. He would regard the newspaper, perhaps the world's most influential journalistic enterprise, as a national treasure meriting preservation into perpetuity. His model would be the ownership structure of Florida's St. Petersburg Times, which is controlled by a nonprofit educational institution, the Poynter Institute for Media Studies. "David would hope the newspaper makes a profit," said the confidante. "But he believes that operating without the ultimate responsibility of paying dividends or necessarily having to be profitable is the best way to run an institution like The New York Times."

The article ends with the factoid that the aforementioned St. Petersburg Times has won two Pulitzers - surpassed only by the NY Times' five.

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