Gerry Lenfest has created a nonprofit foundation to own Philadelphia Media Network — the company that owns the Inquirer, the Daily News, and Philly.com — and endowed the new institute with $20 million as it oversees the newspapers’ continued operation.
The move places the papers under the auspices of the Philadelphia Foundation, transforming the biggest news operation in America’s fifth-largest city into an unprecedented experiment in preserving large-scale newsgathering in the fast-changing — and fast-diminishing — newspaper industry.
The news was first reported Monday night at Philly.com. A formal announcement will take place at 11 a.m. Tuesday at the National Constitution Center.
“I think it’s unprecedented for a big American newspaper to be turned into a nonprofit,” Rosental C. Alves, Director of Knight Center for Journalism in the Americas at the University of Texas at Austin, told Philly Mag late Monday night. Read more »