Pittsburgh Post-Gazette Sold

The Pittsburgh Post-Gazette has been sold to the nonprofit Venetoulis Institute for Local Journalism, averting a planned shutdown and transitioning the newspaper to a nonprofit model effective May 4^th.  This acquisition, involving a pledge of $30 million in support, ends nearly a century of ownership by Block Communications, and saves the publication from closure following over $350 million in losses.  The Venetoulis Institute for Local Journalism is a non profit, backed by hotel magnate and Baltimore Banner founder Stewart Bainum Jr.  The Post Gazette will continue to operate primarily as a digital nonprofit outlet with some print presence, aiming for a new business model.  Current employees will have the opportunity to continue working with the new organization.