Pittsburgh Post-Gazette rescued from shutdown by last-minute sale
By Liam Reilly, CNN
(CNN) — The Pittsburgh Post-Gazette said Tuesday that it has been acquired by the Baltimore Banner’s publisher, rescuing the paper just weeks before it was set to shut down.
The Venetoulis Institute for Local Journalism has reached a deal with Block Communications to acquire the 240-year-old newspaper, Bob Cohn, CEO of both the Banner and the institute, said.
“We are determined to ensure that trusted local journalism will live on in western Pennsylvania,” Cohn posted to LinkedIn.
The sale comes less than three weeks before the newspaper was scheduled to publish its final edition.
Block Communications had announced in January that the Post-Gazette would cease operations and publish its final edition on May 3, a plan it appeared to cement with a formal notice filed in March.
The Block family has owned the Post-Gazette since 1927, when it merged the Pittsburgh Gazette with several other local papers. Allan Block, the company’s CEO, told the Banner that roughly 10 potential buyers expressed interest.
“Venetoulis was not the highest bidder, by a significant percentage, but the Block family felt that money wasn’t the only criteria,” he said.
Under the deal, the newsroom and management will remain in Pittsburgh. The Venetoulis Institute said it plans to continue publishing print editions twice a week, on Thursdays and Sundays, according to the paper’s own report on the sale.
Financial terms of the sale were not disclosed.
In January, Block said the paper had lost more than $350 million over 20 years. The decision to close came after the Supreme Court declined to hear an appeal of a November ruling restoring workers’ contracts. Unionized staff ended a three-year strike that same month and returned to work.
Jon Schleuss, president of NewsGuild, told CNN he is “hopeful for a new direction at the Post-Gazette that actually values journalism.”
“There are still a lot of details to iron out, including the several million dollars the Blocks owe journalists for violating federal law,” Schleuss said. “We are dedicated to working with ownership that follows the law, respects workers’ union rights and invests in a newsroom delivering high-quality local news. Pittsburgh has made it clear it will accept nothing less.”
The acquisition marks the Venetoulis Institute’s third major expansion this year. In early February, the Banner said it would expand into Prince George’s County, Maryland. Shortly after The Washington Post laid off roughly a third of its staff — including much of its sports desk — the Banner announced a move into DC sports, hiring several former Post journalists.
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