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Two Philadelphia newspapers donated by their owner to new non-profit media institute.
The Philadelphia Inquirer and its sister publications, the Philadelphia Daily News and Philly.com, have been donated to a newly formed nonprofit journalism institute, the news outlets’ owner announced Tuesday.
“My goal is to ensure that the journalism traditionally provided by the printed newspapers is given a new life and prolonged, while new media formats for its distribution are being developed,” said H.F. “Gerry” Lenfest during a news conference at the National Constitution Center.
As part of the announcement, Lenfest signed a ceremonial document officially handing over his Philadelphia Media Network (PMN), the papers’ parent company, Philly.com reported.
PMN will be run by the Institute for Journalism in New Media. The institute was created under Lenfest’s direction and will operate as part of the Philadelphia Foundation.
The publications will run independently. PMN insists its subscribers, readers and employees will see no immediate changes.
The company’s also said its contracts with labor unions remain in force.
The groundbreaking deal comes as the nation’s daily newspapers contend with falling circulation and dwindling advertising dollars.
Agencies/Canadajournal
