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StacyAdelmanSecondPaper 3 - 08 Dec 2011 - Main.StacyAdelman
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| | | The day that I run into a Huffington Post reporter at a Baltimore zoning board hearing is the day that I will be confident that we have reached some sort of equilibrium. -- David Simon | |
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< | Information wants to be free. This is the promise that the Internet, through its unique and costless distribution mechanism, holds. Traditional pay models of information production are almost laughably anachronistic, but that isn’t stopping the entrenched news industry from fighting to impose these outmoded business models on the public. News has a fixed cost problem, much like its sister industry, the expression industry (i.e., music, film, and television); however, unlike its counterpart, the transition from priced print to free digital brings with it two tremendous costs: investigative reporting and localism. A May 2009 Senate Hearing on The Future of Journalism contemplated just these costs and benefits. The question though, as Arianna Huffington put it, “is not how do we save newspapers, but how do we strengthen journalism?” | >
> | Information wants to be free. This is the promise that the Internet, through its unique and costless distribution mechanism, holds. Traditional pay models of information production are almost laughably anachronistic, but that isn’t stopping the entrenched news industry from fighting to impose these outmoded business models on the public. News has a fixed cost problem, much like its sister industry, the expression industry (i.e., music, film, and television); however, unlike its counterpart, the transition from priced print to free digital brings with it two tremendous costs: investigative reporting and localism. Today’s newspapers are not producing the revenue necessary to please its stockholders while employing enough personnel to produce quality journalism. A May 2009 Senate Hearing on The Future of Journalism contemplated just these costs and benefits. The question though, as Arianna Huffington put it, “is not how do we save newspapers, but how do we strengthen journalism?” | | |
The Destruction | | | The Creation
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> | (1) L3C Status. Low profit limited liability company (L3C) model is an intermediate structure between the poles of for-profit and non-profit systems. L3Cs are taxable for-profit businesses, but, by law, they must place their charitable mission/community service goals ahead of profits. L3Cs derive their sustainability from program related investments (PRIs), loans made by private foundations for specific goals that are low-yielding, but tax deductible and in line with the IRS’s charitable giving requirements. In June 2010, Vermont's Point Reyes Light became the first newspaper successfully converted to an L3C. There are obvious drawbacks to this model. L3Cs must be authorized by an amendment to the state's (or the country's) General Limited Liability Company Act, and historically, newspapers have not been recognized as non-profits. | | | -- StacyAdelman - 02 Dec 2011 |
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