In Philadelphia, for the first time since the internet began shifting the format of the fourth estate, the top three journals begin the process of changing to a nonprofit status.
"On Tuesday, three of Philadelphia’s most important journalistic resources—its legendary daily newspaper, the Inquirer; its accomplished tabloid, the Daily News; and its main news website, Philly.com—took the first step toward becoming nonprofits.
"In a complicated transaction, their owner, H.F. “Gerry” Lenfest, donated them to the Philadelphia Foundation, the city’s main philanthropic organization. Specifically, he donated the Philadelphia Media Network—which owns the papers and the site—to a new subsidiary of the foundation, called the Institute for Journalism in New Media. He also established a $20 million endowment for the new institute."--Robinson Meyer, The Atlantic
