L3C: New Type of Company Might be Good Fit for Journalism

Money!
News organizations might benefit from new ways to handle money. (Image by Tracy O via Flickr)

Fundamentally, journalism is a community service. That mission, and the values associated with it, typically are what make journalists passionate about journalism — and also often wary of the business side of news (advertising, market research, etc.). And as smart as most journalists are, most of them also don’t really seem to have the mindset or skills to manage the business side of a news operation.

So why not figure out a new way to conduct the business of news? Especially, new ways to handle the money?

Last Friday, at the Journalism Innovations II conference (held at the University of San Francisco), I learned about an interesting effort to create a new kind of business structure that could provide a way to support journalism and news.

In the morning plenary, Hollie Kernan (news director of San Francisco public radio KALW-FM) mentioned that she’s been taking a close look at the Low-Profit Limited Liability Company (L3C) model proposed by Robert Lang, CEO of the Mary Elizabeth and Gordon B. Mannweiler Foundation…

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