“…The St. Petersburg Times is itself an endangered species — an independent, privately owned daily that continues to serve up quality journalism. Many owners of other daily city papers sold them off years ago to try to avoid inheritance taxes. But The St. Petersburg Times was not sold; to guarantee local ownership and independence, its owner, Nelson Poynter, gave it away upon his death in 1978 to a nonprofit educational organization now called the Poynter Institute. …
“…Mr. Poynter didn’t make all his family members happy by giving away a
fortune, but as he said, “I haven’t met my great-grandchildren, and I
may not like them.” While his legacy allows for patient, long-term
investment, The St. Petersburg Times isn’t free from the industry’s
challenges. …”
Balancing Bottom Lines and Headlines – New York Times