The Pittsburgh Post-Gazette shall live to report another day.
The Venetoulis Institute for Local Journalism, which owns The Baltimore Banner and is financed by hotel magnate Stewart W. Bainum Jr., announced Tuesday that it had reached an agreement with the Post-Gazette’s current owner, Block Communications, to buy it and run it as a nonprofit.
The deal is expected to take effect on May 4, ensuring that the newspaper, which was previously announced to shut down on May 3, will not experience any gap in publication.
The purchase price was not disclosed, but Bainum told The Athletic that “The Block family should be recognized for selling this at a huge discount for the price they could have received.”
According to Allan Block, chief executive of Block Communications, the Venetoulis Institute was not the highest bidder, but the board decided it would be the best steward for the Post-Gazette.
The announcement is welcome news and a rare positive story around the newspaper industry, where downsizing, closures, and layoffs have become the norm. It’s especially heartening given that the Post-Gazette dates back to 1786, has won several Pulitzer Prizes, and would have left one of the United States’ largest metropolitan areas without a major newspaper, including a dedicated sports desk staffed by notable voices and journalists.
“Venetoulis is committed to solving a national problem, to providing high-quality local journalism where it’s most needed,” said Bob Cohn, CEO of The Baltimore Banner. “That is our civic mission. And here is an opportunity to do that in a market where the 240-year-old incumbent is going out of business or could be sold.”
Bainum Jr. founded the Venetoulis Institute and The Banner in 2022 with a $50 million commitment. He pledged an additional $30 million to ensure the purchase of the Post-Gazette.
In the wake of Jeff Bezos’s Washington Post laying off many staffers and shuttering its sports department, the Banner announced a move into the Washington, D.C. market and had hired a former WaPo sports reporter.
About Sean Keeley
Along with writing for Awful Announcing and The Comeback, Sean is the Managing Editor for Comeback Media. Previously, he created the Syracuse blog Troy Nunes Is An Absolute Magician and wrote 'How To Grow An Orange: The Right Way to Brainwash Your Child Into Rooting for Syracuse.' He has also written non-Syracuse-related things for SB Nation, Curbed, and other outlets. He currently lives in Seattle where he is complaining about bagels. Send tips/comments/complaints to sean@thecomeback.com.