"The Venetoulis Institute for Local Journalism has reached an agreement with Block Communications to buy the assets of The Post-Gazette and run it as a nonprofit. This transaction is expected to take effect on May 4, ensuring there is no gap in publishing."
"The Post-Gazette is one of the oldest newspapers in the United States, tracing its history back to The Pittsburgh Gazette, which was founded in 1786. Its closure would have made Pittsburgh one of the largest metropolitan areas without a major newspaper."
"Allan Block, chief executive of Block Communications, stated that the Venetoulis Institute was not the highest bidder, but the board decided it would be the best steward for the newspaper."
"Mr. Bainum noted that the Block family should be recognized for selling this at a huge discount for the price they could have received, emphasizing their care for the metro area and trust in the Venetoulis Institute."
The Pittsburgh Post-Gazette will remain in operation after being acquired by the Venetoulis Institute for Local Journalism. This acquisition comes as a relief amid a trend of newspaper closures across the country. The deal, effective May 4, ensures continuous publication of the historic newspaper, which has been in operation since 1786. Block Communications, the current owner, chose the Venetoulis Institute for its commitment to the community, despite not being the highest bidder. The sale reflects a significant moment for local journalism amid ongoing challenges in the media industry.
Read at www.nytimes.com
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