Senator Introduces Bill To Make Newspapers Non-Profits (NYT, GCI, WPO)

According to reports from Bloomberg, U.S. Senator Ben Cardin introduced a bill that would allow newspaper to operate as non-profit organizations. Under the bill, advertising and circulation revenue could be claimed as tax exempt.

Cardin said the business model for newspapers is broken, following four bankruptcies in the industry since December.

Publicly-traded newspaper companies are seeing activity on the news: The New York Times Company (NYSE: NYT), Gannett Co., Inc. (NYSE: GCI), Washington Post Co. (NYSE: WPO).

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