won a prestigious Polk Award for its coverage of the killing of George Floyd and the aftermath.

“The communities that have papers owned by very wealthy people in general have fared much better because they stayed the course with large newsrooms,” said Ken Doctor, on hiatus as a media industry analyst to work as C.E.O. and founder of Lookout Local, which is trying to revive the local news business in smaller markets, starting in Santa Cruz, Calif. Hedge funds, by contrast, have expected as much as 20 percent of revenue a year from their properties, which can often be achieved only by stripping papers of reporters and editors for short-term gain.

Alden has made deep cuts at many of its MediaNews Group publications, including The Denver Post and The San Jose Mercury News. Alden argues that it is rescuing papers that might otherwise have gone out of business in the past two decades.

And a billionaire buyer is far from a panacea for the industry’s ills. “It’s not just, go find yourself a rich guy. It’s the right rich person. There are lots of people with lots of money. A lot of them shouldn’t run newspaper companies,” said Ann Marie Lipinski, curator of the Nieman Foundation for Journalism at Harvard and the former editor of The Chicago Tribune. “Sam Zell is Exhibit A. So be careful who you ask.”

beaten a retreat from the industry. And there have even been reports that Dr. Soon-Shiong has explored a sale of The Los Angeles Times (which he has denied).

“The great fear of every billionaire is that by owning a newspaper they will become a millionaire,” said Mr. Rosenstiel.

Elizabeth Green, co-founder and chief executive at Chalkbeat, a nonprofit education news organization with 30 reporters in eight cities around the country, said that rescuing a dozen metro dailies that are “obviously shells of their former selves” was never going to be enough to turn around the local news business.

“Even these attempts are still preserving institutions that were always flawed and not leaning into the new information economy and how we all consume and learn and pay for things,” said Ms. Green, who also co-founded the American Journalism Project, which is working to create a network of nonprofit outlets.

Ms. Green is not alone in her belief that the future of American journalism lies in new forms of journalism, often as nonprofits. The American Journalism Project received funding from the Houston philanthropists Laura and John Arnold, the Craigslist founder Craig Newmark and Laurene Powell Jobs’s Emerson Collective, which also bought The Atlantic. Herbert and Marion Sandler, who built one of the country’s largest savings and loans, gave money to start ProPublica.

“We’re seeing a lot of growth of relatively small nonprofits that are now part of what I would call the philanthropic journalistic complex,” said Mr. Doctor. “The question really isn’t corporate structure, nonprofit or profit, the question is money and time.”

operating as a nonprofit.

After the cable television entrepreneur H.F. (Gerry) Lenfest bought The Philadelphia Inquirer, he set up a hybrid structure. The paper is run as a for-profit, public benefit corporation, but it belongs to a nonprofit called the Lenfest Institute. The complex structure is meant to maintain editorial independence and maximum flexibility to run as a business while also encouraging philanthropic support.

Of the $7 million that Lenfest gave to supplement The Inquirer’s revenue from subscribers and advertisers in 2020, only $2 million of it came from the institute, while the remaining $5 million came from a broad array of national, local, institutional and independent donors, said Jim Friedlich, executive director and chief executive of Lenfest.

“I think philosophically, we’ve long accepted that we have no museums or opera houses without philanthropic support,” said Ms. Lipinski. “I think journalism deserves the same consideration.”

Mr. Bainum has said he plans to establish a nonprofit group that would buy The Sun and two other Tribune-owned Maryland newspapers if he and Mr. Wyss succeed in their bid.

“These buyers range across the political spectrum, and on the surface have little in common except their wealth,” said Mr. Friedlich. “Each seems to feel that American democracy is sailing through choppy waters, and they’ve decided to buy a newspaper instead of a yacht.”

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Stat Journalists Will Join the Boston Globe’s Union

Journalists at Stat, the medical and science news website lauded for its pandemic coverage, will join the Boston Newspaper Guild, union representatives said in a statement Wednesday.

Stat, based in Boston, focuses on science, health and biotech journalism and has close to 40 editorial staff members. It was one of the first outlets to extensively cover the outbreak of the coronavirus in January 2020 and saw a boost in traffic and revenue in the past year as its ambitious coverage gained attention. Helen Branswell, Stat’s infectious-disease reporter, won the 2020 George Polk public service award for her work covering the pandemic.

Damian Garde, a biotech reporter for Stat, said in an interview that workers hoped union protections would help make Stat an even more attractive and competitive employer.

“When people look at the Stat trajectory, they point to my colleague Helen Branswell’s very prescient coverage ahead of the Covid-19 pandemic really becoming what it would become,” he said. “And I think one of the lessons there is: If you invest in people like Helen Branswell, you, too, can have prescient coverage.”

Stat, which was started in 2015 by the Boston Red Sox owner John W. Henry, is produced by Boston Globe Media Partners, the parent company of The Boston Globe, which is owned by Mr. Henry and his wife, Linda Pizzuti Henry. The two publications have separate staffs.

Scott Steeves, the president of the Boston Newspaper Guild, said in a statement that the addition of Stat workers would mean a stronger voice for the union.

“At a time when independent journalism is so important, Guild members strive to deliver the highest-quality news product possible while also standing together to ensure economic and workplace protections,” he said.

Mr. Garde said the union eligibility of certain Stat employees was still under discussion as part of negotiations between the Boston Newspaper Guild and Globe management. Globe union employees have been without a contract for more than two years as a standoff over a new contract continues.

Globe management did not immediately respond to a request for comment.

The Boston Newspaper Guild is affiliated with the NewsGuild, which also represents New York Times employees.

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He Redefined ‘Racist.’ Now He’s Trying to Build a Newsroom.

Dr. Kendi’s book, a memoirish argument that Americans of all races must confront their roles in a racist system, has drawn attention, and controversy, for pulling the word “racist” away from its current usage as a hypercharged word reserved for the clearest cases. He thinks the word should be attached to actions, not people, and used to describe supporting policies — like standardized testing — that produce a racially unequal outcome. The focus on outcomes helped put Dr. Kendi at the center of the long-running argument about the roots of inequality. But when he published his book, he said, he was bracing for criticism from the left. It had become an axiom in some circles that Black Americans can’t be racist by definition. But the people committing racist acts in his book include President Barack Obama and Dr. Kendi himself.

And so Dr. Kendi’s work has influenced a growing newsroom debate over using the word descriptively, as an assertion about policy, rather than as a hazy, charged personal epithet. The 2019 book, and the intense focus on racism after the killing of George Floyd the next year, also transformed Dr. Kendi from a well-regarded but low-key academic networker into a mainstream, best-selling author whose book is sold at Logan Airport. He’s become what one of his friends called “Captain Black America” — a Black academic or journalist who becomes a lightning rod for the right and the object of white liberal adulation, as Ta-Nehisi Coates did after his 2014 Atlantic article making the case for reparations.

“If he didn’t exist, his critics would need to invent him, because he’s a person they can target,” said The New Yorker writer Jelani Cobb.

Self-promotion doesn’t come naturally to Dr. Kendi. But on his way home to put his daughter to bed Thursday, he gamely submitted to a short interview in the lobby of a Boston University building, double masked and wearing three layers of wool against the cold rain. While I waited, I read on Twitter about Alexi McCammond, a young Black woman forced to resign as the new editor of Teen Vogue after a controversy regarding racist tweets about Asians she sent as a teenager. I asked him about how his view that “racist” isn’t a permanent label for an individual squares with an unforgiving social media culture and a growing corporate culture that has translated his work into formalized training sessions — the subject of a recent critical opinion piece in The Globe.

Dr. Kendi said he would not “police” how people use his work. People should be held accountable when they’re being racist, but I think people should be able to repair the damage,” he said. “I don’t view ‘racist’ as a fixed category.” He added that he did not believe that “if someone said something racist 20 years ago or even two days ago that right now, in this moment, they’re also racist.”

That’s not how most Americans, or most reporters, use the word. But it has a clarity and flexibility that make it valuable whether you buy into Dr. Kendi’s broader worldview, which includes sweeping criticism of American capitalism. And The Emancipator is interesting in part because it’s an opportunity to put his ideas into journalistic practice.

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