TROUBLES: SALT LAKE TRIBUNE seeks to become nonprofit ‘community asset’

After years of heavy financial losses, The Salt Lake Tribune is pursuing federal approval to become a nonprofit operation sustained by donations large and small.

Owner Paul Huntsman, who bought Utah’s largest newspaper in 2016, confirmed his lawyers have approached the IRS about changing The Tribune from a privately owned business to a community asset.

The wealthy businessman said he sees the transformation as the best way to sustain the newspaper and maintain its independence.

Though in its early stages, the move by the 148-year-old publication would mark the first attempt by a legacy U.S. daily to switch to nonprofit status and comes as hundreds of print outlets across the country are strained due to plunging advertising revenues.

In a twofold strategy, attorneys have already sought IRS approval to create an endowed nonprofit foundation to support independent journalism in Utah, with The Tribune as a major recipient of its largesse. The newspaper will also pursue its own nonprofit status as a 501(3)(c), in effect transferring its ownership from Huntsman to a public board. The newspaper currently cannot legally accept donations.

“The Tribune is a vital community asset and should be owned by the community,” said Huntsman, who added that he’d reached that conclusion after nearly a year of studying other news nonprofits and consulting with leading thinkers in the industry. It’s unclear if the shift would change Huntsman’s status as the newspaper’s publisher.

www.sltrib.com/news/2019/05/08/salt-lake-tribune-seeks/