PHILADELPHIA (AP) – The owner of The Philadelphia Inquirer, the Philadelphia Daily News and their website has announced he has donated the news organizations to a newly created nonprofit institute.
H.F. “Gerry” Lenfest says in a story posted on Philly.com late Monday that he’s given $20 million to help endow the new operation but much more money will be needed.
He says the move is intended “to ensure that quality journalism endures in Philadelphia for generations,” and says readers will not see any immediate changes.
Philadelphia Media Network announced late last year a consolidation of its newsrooms in a cost-cutting move following a decade of cutbacks and management upheaval.
The 85-year-old Lenfest bought the news company for $88 million in May 2014 at auction.
He says Philadelphia Media Network will remain a self-governing, for-profit company, owned by the institute.