The Pittsburgh Post-Gazette has a new owner. The Venetoulis Institute for Local Journalism purchased the 240-year-old newspaper on May 4, saving it from likely bankruptcy.
The paper, first published in 1786 as the Pittsburgh Gazette, was the first newspaper west of the Alleghenies. It famously printed the text of the U.S. Constitution in an early edition and has won 3 Pulitzer Prizes, including for its 2019 coverage of the Pittsburgh synagogue shooting.
But the business has struggled. The Post-Gazette operated at a loss for 20 years, losing an estimated $350 million. The Venetoulis Institute, led by Stewart Bainum Jr., said it will keep the paper in Pittsburgh and maintain limited print editions on Thursday and Sunday. The nonprofit previously bought The Baltimore Banner in 2022.
A restructuring is likely. All 171 journalists at the paper are expected to reapply for positions.“Local journalism is essential to a strong community,” Bainum said. The Institute plans to pursue a “diversified business model” to sustain the paper long term.
