Rick Edmonds of Poynter interviewed Elizabeth Hansen Shapiro and Lillian Ruiz about the National Trust for Local News, a project they founded to invest in community journalism projects around the country.
Their goal is to raise $300 million in order to finance deals like the purchase earlier this year of Colorado Community Media, a chain of two dozen weekly and monthly papers in the Denver suburbs. The papers are now being run by The Colorado Sun, a start-up website founded by a number of former Denver Post journalists.
My colleague Ellen Clegg and I interviewed Hansen Shapiro recently to ask her about the National Trust. We especially wanted to learn more about how she had arrived at the $300 million figure, which she had told Ben Smith of The New York Times might be enough to save every independent community paper in the United States that is at risk of shutting down or being sold off to a chain owner.
She told us that her estimate was based on research showing that there are about 4,000 independent weekly and daily papers — what she called “sub-large-chain titles,” to include those held by small regional chains — with perhaps as many as 2,400 owners. Here is how she described the National Trust’s strategy:
We’re approaching it two ways. One is inbound interest from publishers who are ready to retire and want to figure out what the next move is. Some of them have successors lined up, but they don’t have financing. Some of them don’t have successors lined up and their businesses are failing. And that’s the house-on-fire version. And some of them have great businesses. They don’t have a successor. They think they want to be out of the business in two years, and they’re like, could we start a conversation now so that so we can figure out something?
Any paper can be kept out of the hands of a hedge fund or a corporate chain is a victory.
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