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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

Gates Foundation aids newspaper acquisitions

The Bill & Melinda Gates Foundation has widened the definition of charity by helping a company to acquire newspapers. It was one of a syndicate of lenders that provided finance for MediaNews to buy four California newspapers, including the San Jose Mercury News, from McClatchy. It is not known how much the Gates Foundation paid towards the $350m (£185m) total raised by the syndicate. The privately-owned MediaNews already owns the Oakland Tribune, the Denver Post, the Salt Lake Tribune and the Detroit News. (Via USA Today)

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