What Next? Starting an Online Newspaper

Your buyout paperwork is in, you’ve spoken to your financial planner, you’re stealing office supplies like a madman, collecting clips while you can still can do your own pulls and you’re counting down to August 12 (or August 31 or September 26). Sooner or later, the shock/thrill will wear down and ‘what next’ is going to rear its potentially ugly head.

Retirement is at the top of many lists as is something completely different in an industry that isn’t on the verge of fraticide. But what about those who still want to still want to work for a newspaper?

Born of Buyout: St. Louis Beacon

Bob Duffy, Associate Editor of the St. Louis Beacon, emailed today to pimp his newspaper and give those of us at the Palm Beach Post an idea of what can happen after a buyout.

Long story short: The St. Louis Post-Dispatch did a round of buyouts in 2005. Several of the editors and writers who left wanted to continue on in the journalism profession so they founded The Platform which later became the St. Louis Beacon. These aren’t disgruntled former Posties with an axe to grind, by the way. These folks are serious about their mission and purpose.

Long story long:

• Pulitzer 2.0 — St. Louis Magazine
• Old Journalists, New Plan — Chicago Reader

Funding a Not-For-Profit Newspaper

There aren’t any advertisments on the Beacon web site and there is no print product. Thus far, the Beacon has been funded by individuals, corporations and foundations.

Before you laugh — those are the same places my high school newspaper got its funding — the Beacon has managed to come up with a million dollars in funding, a meaningful portion of that in hard money. Emily Rauh Pulitzer (yes, of that Pulitzer family) has pledged half a million dollars if the Beacon can get $1.5 million elsewhere.

Their long-term business model includes advertising, sponsorships and money from large foundations. Think: National Public Radio for print.

Should I Start My Own Newspaper?

The Beacon has a hard road ahead and shallow pockets. Even if they had a few million in hard cash instead of contingent promises, they can’t afford to hire the staff needed to fully serve the local community and become a general-purpose news source. Revenue for the online component of newspapers is flat at best. While NPR proves you can survive with this style of funding, striving and growing is optimistic.

Best wishes to the Beacon and thanks to Bob Duffy for reaching out to us.