Sep 23, 2014 1:09 PM
San Diego philanthropist launches newspaper bid
The Associated Press
SAN DIEGO (AP) A San Diego philanthropist has launched a bid to buy his city's dominant newspaper and turn it into one of the nation's largest nonprofit news organizations.
Malin Burnham says Douglas Manchester, the current owner of U-T San Diego, has encouraged him to seek nonprofit status from the Internal Revenue Service, which may take about 90 days. He says they have discussed price.
Burnham says Manchester would remain owner of the U-T San Diego building and lease offices to the newspaper.
Manchester says he is ready to talk with Burnham if he gets nonprofit status but that a deal is long way from being completed.
Up the coast, meanwhile, Freedom Communications ceased publication of its new Los Angeles Register newspaper after just five months.