Investment banker and Wells Fargo heir F. Warren Hellman told Forbes that he may seek funding from the city of San Francisco, and other governments, for the nonprofit news organization he’s planning:

Forbes’ Dirk Smillie asked Hellman: You’re contributing $5 million from the Hellman Family Foundation to start this venture, but how will you make it sustainable?

Hellman replied:

    “It will take a fair amount of money, raised annually. Contributions to public broadcasting in the Bay Area are up this year. We can sell memberships and get support from local and national government sources, wealthy individuals and some corporate backing. We may be able to get city funding. The mayor of San Francisco, Gavin Newsom, and the president of the board of supervisors, David Chiu, are very supportive of what we’re doing.”
Bay Area Media News,

7 Comments

  1. I have a hard time accepting the idea that the NY Times would partner with a government-funded news operation. Maybe things are so bad at the Times that they're looking for a bailout like GM or Citbank?

  2. Why would the New York Times throw away its reputation by teaming up with a city-funded news organiation? The Times has (or had) a strict conflict-of-interest policy for its reporters. It should apply to joint ventures like this one.

  3. yeah, that's one way to cover city hall — ask the people you're covering for money! hellman doesn't know the first thing about journalism.

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