Apparently, for the NY Times it is no longer enough to simply make up the news or, rather, made up news does not pay the bills. So, what is the solution over at the Times? Well, being unable to equate disappearing readership with the lies they peddle as news they have decided to SELL the news. The irony here is super sweet as rather than saving the Times it will hasten its further demise. But, the sweetest irony is that either no one at the Times can see that or they simply don’t care. Either way it will simply accelerate the death of the Old Grey Lady.
Regardless the spin they put on it no one is going to “fund journalism projects” that do not “report” what they want.
The newspaper said one of its top editors, Janet Elder, will be setting up an operation to seek nonprofit funding that can help support ambitious newsroom projects.
“Over the past year a host of philanthropies and universities have come forward asking to help support our journalism,” the paper said in a Friday note signed by Editor In Chief Dean Baquet and Managing Editor Joseph Kahn. “There are opportunities to extend the reach and impact of our journalism with additional support.”
The Times, like all legacy news outlets, is battling steep declines in print advertising. And though it has enjoyed a surge in digital subscriptions and solid digital ad growth recently, the company said nonprofit funding can provide greater flexibility.
“We think there are journalism projects we are eager to pursue that could be more ambitious and have greater impact with outside support,” the note from Messrs. Baquet and Kahn said.
Publications like The Times have often done stand-alone projects with nonprofits or philanthropic organizations, but the new arrangement with Ms. Elder formalizes the process and signals a bigger commitment to nonprofit partnerships.
Other newspapers are pursuing similar models. Earlier this week, the U.K.’s Guardian launched a nonprofit arm to focus on raising money from philanthropies, corporate foundations, and private citizens.
“We all have to be thinking about how to diversify revenue and find support beyond advertising,” said Rachel White, president of the newspaper’s nonprofit venture, theguardian.org.
The Times said Ms. Elder’s first job will be to explore which types of funding to bring in and which initiatives it should pay for. She will also look at the legal or ethical questions associated with taking donations.
The note described Ms. Elder as a newsroom veteran who has “guided us through ethical quandaries, arranged for the rescue of journalists in danger around the world,” and “been a big force in our political coverage for years.”