Venetoulis Institute Acquires Pittsburgh Post-Gazette, Averting Closure
The Pittsburgh Post-Gazette, a historic newspaper with roots dating back to 1786, was on the brink of closure due to financial difficulties and labor disputes. However, the Venetoulis Institute for Local Journalism, the parent company of the Baltimore Banner non-profit news website, has stepped in to acquire the paper for an undisclosed sum. This acquisition is seen as a lifeline for the Post-Gazette, which was set to cease operations next month. The decision by Block Communications, the previous owner, to close the paper was influenced by significant financial losses and a prolonged strike by employees over unfair labor practices. The acquisition aims to revitalize local journalism in western Pennsylvania, with plans to rehire many of the laid-off employees. The transaction is set to take effect on May 4, just a day after the paper was scheduled to close.