Pittsburgh Post-Gazette announces sale to nonprofit media group

Key Points:

• The Pittsburgh Post-Gazette, facing closure on May 3, has been saved by a last-minute acquisition by the nonprofit Venetoulis Institute for Local Journalism, which plans to continue publishing with a smaller staff and reduced scale.
• The Venetoulis Institute, owner of The Baltimore Banner, is acquiring the Post-Gazette's assets but not its labor contracts, meaning it may not assume financial liabilities related to union workers or strike-related obligations.
• Block Communications, the Post-Gazette's longtime owner, cited financial losses exceeding $350 million over 20 years and labor disputes as reasons for the planned shutdown, but will finalize the sale on May 4 while retaining some liabilities.
• The new owners intend to maintain print editions on Thursdays and Sundays, with a focus on rebuilding local journalism through a diversified business model, supported by a $30 million funding pledge from Venetoulis founder Stewart Bainum Jr.
• David Shribman, former Post-Gazette executive editor, will join the Venetoulis board, while the future role of the Newspaper Guild union remains uncertain as staff prepare for potential job cuts and operational changes.