Saturday, January 31, 2009

NONPROFIT NEWSPAPERS

Steve Coll writes:

In the foreseeable future, it seems, there will be two kinds of nonprofit newspapers—those which are deliberately so and those which are reluctantly so. Ever since I left the Washington Post, in 2005—after twenty years there that included a stint in management—and particularly since I joined the nonprofit world at the New America Foundation and started learning about the management and fund-raising issues at tax-exempt organizations, I have been mulling over this idea: that only by turning the Post into a nonprofit trust and raising a university-size endowment to support the newsroom could the paper retain the vitality it requires to serve as a successful watchdog over our constitutional system. Now David Swensen, the chief investment officer at Yale, and Michael Schmidt, a financial analyst, have come forward with a similar argument.

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