Major cities such as San Francisco, Washington D.C., LA, Chicago, New York, Houston and Philadelphia may convert the serviving newspapers into nonprofits to keep their political and philanthropic status.
The San Francisco Chronicle will be the first to test the entity.
San Francisco investment banker Warren Hellman and other prominent SF lawyers and investors made an informal proposal last week to Hearst, owners of the San Francisco Chronicle about helping the troubled daily paper become a nonprofit, San Francisco attorney Bill Coblentz told the SF Business Times.
Hellman and Coblentz discussed the idea, then Coblentz conveyed it to former San Francisco Examiner editor and publisher William R. Hearst III, who is a Hearst Corp. director and an affiliated partner with Kleiner Perkins Caufield & Byers. William is one of the working Hearsts who lives in the Bay Area and keeps touch with The Chronicle on a daily basis. It’s unofficially the Hearst flagship, though in money making ability, their Houston Chronicle is by far the financial headquarters.
“What happened after that, I don’t know,” said Coblentz, who is out of town.
The proposal would be for a nonprofit corporation “to take over the Chronicle,” with Hearst Corp. continuing to provide some philanthropic support, Coblentz said. Details remain sketchy. It’s unclear if the proposal is being seriously considered.
Editorial-wise they are already PBS in print, aren’t they?