Overnight Open Thread: More fun with dying newspapers (genghis)

No, it’s not about the Seattle P-I this time. (That dead horse has been well-beaten enough). This is the “sad” tale of the demise of The Minneapolis Star Tribune as told by Nicole Russell in yesterday’s “American Specator.” Of course it’s following the same path as the P-I did on its recent one-way tip down the drain (damn gravity!), but do you ever get tired of reading about them? Remember, each of these is simply a lead-up to an eventual “V-NYT Day.” Try to think of this as an “island-hopping” campaign.

”Minnesota's most liberal newspaper, the Star Tribune, filed for bankruptcy a few months ago.”

“But soon-to-be displaced Strib employees are now clinging to the sinking newspaper's last life preserver. Earlier this month, a group of them launched SavetheStrib, a website designed to help them find a new owner for their "essential community resource too valuable to lose." In addition to their pleas for help, they've proposed a new business model, one that Minnesotan and Hot Air blogger Ed Morissey said "would certainly set off screeches of class-warfare howling in the Strib's editorial section if any other corporation tried it."

”The revamped business model is the brainchild of the Minnesota Newspaper Guild:"

”The Guild is supporting federal legislation in Washington that would include newspapers among businesses that offer a "social benefit" to the community under current Internal Revenue Service rules. This would pave the way for a unique hybrid ownership model called an L3C --a low-profit limited liability corporation -- that qualifies as a charity under IRS rules, but is operated as a for-profit business. “

“Perhaps I need a more liberal worldview to read that correctly, but I believe the Strib would like to make a profit and then be exempt from paying taxes on it. Who knew that newspapers were charities rather than businesses? “

Tonight’s overnight open thread is sponsored by the delightful Blobfish.(Photo courtesy of “sickinmass” who also sent photos of 23 other freakish critters which will be featured on the overnight for the next month or so) Thanks s.i.m., I think.

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posted by xgenghisx at 09:15 PM

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