The Baltimore Sun said it will soon be acquired by a non-profit formed by businessman and philanthropist Stewart Bainum Jr. that would operate the Sun for the benefit of the community. It's part of a hedge fund's deal to buy Tribune Publishing. baltimoresun.com/business/bs-bz…
Could be good news, but a lot is still unknown. The Sun said the sale is not a completely done deal. It's unclear what the connection is to an earlier effort by Baltimore philanthropists, businesspeople and the union representing journalists to buy the Sun and make it non-profit.
On top of that, and as someone will no doubt say in a few minutes, there is nothing magic about turning non-profit. The phrase you will soon hear: non-profit is a tax status, not a business model. Meaning: you still need revenue greater than expenses. Big challenges ahead.
But there is good news for Baltimore and the Sun in today's announcement. If the deal happens, the Sun will return to local ownership. And it will escape the clutches of Alden Capital, the hedge fun that is acquiring the rest of Tribune to wring final profts from a dying asset.
This part is my own view. I don't think many people agree with it. In my opinion: conversion to a non-profit puts an organization like the Sun on the road to a changed relationship to the community. You have to explain yourself in a different way. Operate like a community asset.
Simple example: when foundations give you money, they want to know that it was effectively spent. Tracking the impact of your work becomes far more important. That changes your journalism— possibly in a good way. You are more accountable for making a difference in the community.
While we await details on the Sun's conversion to non-profit, keep in mind: There is no funding model for local journalism without risk. Advertisers can throw their weight around. Foundations can be too cautious. Billionaries think they know it all. Boosters want "positive" news.
"Can This Man Save The Baltimore Sun?" With more information about Stewart Bainum, a hotel magnate and former politician, who has a plan to run the Sun and other papers in Maryland as part of a nonprofit. nytimes.com/2021/02/17/bus…
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