Pittsburgh Post-Gazette Sold to Nonprofit Media Group
The Pittsburgh Post-Gazette will avoid an imminent shutdown following a last-minute acquisition by the Venetoulis Institute for Local Journalism. This transaction comes just two weeks before the paper’s anticipated close on May 3. The Venetoulis Institute, which also owns The Baltimore Banner, aims to revitalize the newspaper despite indicating potential staff reductions.
Pittsburgh Post-Gazette Acquisition Details
The asset acquisition signals a shift in operations for the 240-year-old newspaper. Bob Cohn, president and CEO of the Venetoulis Institute, expressed commitment to working with journalists and community leaders to reshape local journalism in Western Pennsylvania.
- Acquisition completed by: Venetoulis Institute for Local Journalism.
- Previous owner: Block Communications, which controlled the paper since 1927.
- Newspaper’s future largely uncertain due to past financial losses.
- Current newsroom staff: Approximately 100 employees.
Financial Background
Block Communications announced plans to close the Post-Gazette citing over $350 million in losses over the past 20 years. The prolonged labor dispute further compounded the outlet’s difficulties. The acquisition was approved by the boards of both organizations and is projected to finalize on May 4.
New Operational Changes
The Venetoulis Institute does not intend to fully assume the prior labor contracts but will buy specific assets including the newspaper’s name and infrastructure. The Post-Gazette plans to maintain its print publication schedule on Thursdays and Sundays.
Comments from Key Figures
Andrew Goldstein, president of the Newspaper Guild of Pittsburgh, welcomed the news but noted that many questions about the future remain. He highlighted concerns regarding potential job cuts, emphasizing a need for clarity as the transition unfolds.
Stewart Bainum Jr., Chairman of the Venetoulis Institute, acknowledged that the existing business model is unsustainable. He commented on the necessity for a robust new approach to support local journalism.
| Key Facts | Details |
|---|---|
| Acquisition Date | Expected to finalize on May 4, 2023 |
| Current Staff Size | About 100 employees |
| Financial Losses | Over $350 million in the last 20 years |
| Planned Publication Days | Thursday and Sunday |
The Venetoulis Institute for Local Journalism, founded by Bainum in 2021, aims to infuse $30 million over the next five years into local journalism initiatives. Bainum stressed the crucial role of local journalism in the community and his commitment to exploring diversified business models.
Future Outlook
Union members at the Post-Gazette are contemplating their position moving forward. Key discussions are set to take place in the coming week regarding staffing and operational implications. Meanwhile, on May 9, a new print edition of the Tribune-Review is set to launch in Pittsburgh, adding another player to the local journalism landscape.
