The Salt Lake Tribune Officially Becomes 501(c)(3) Nonprofit
The “nonprofit” theory of how to save legacy media is about to get a real world test case.
The Salt Lake Tribune is now a nonprofit, an unprecedented transformation for a legacy U.S. daily that is intended to bolster its financial prospects during a troubling time for journalism nationwide.
The IRS approved the shift in a letter dated Oct. 29, deeming The Tribune a 501(c)(3) public charity. That means supporters can start making tax deductible donations now.
The move from a for-profit model was spurred by Tribune owner Paul Huntsman, who, in agreeing to turn Utah’s largest paper into a nonprofit, is giving up his sole ownership.
“The current business model for local newspapers is broken and beyond repair,” said Huntsman, who also serves as The Tribune’s publisher. “We needed to find a way to sustain this vital community institution well beyond my ownership, and nonprofit status will help us do that. This is truly excellent news for all Utah residents and for local news organizations across the country.”