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Test Case for L3Cs: Ailing Newspapers

April 21, 2009

It’s no secret that newspapers have been struggling to figure out how to stay afloat amid readers’ increasing dependence on online news sources and decreasing advertising revenue.  Some are suggesting that the L3C structure might be the answer.  In Illinois, the Peoria Newspaper Guild has proposed that the beleaguered Journal Star, a local newspaper, be sold and converted to an L3C.  Guild members assert that news is a social benefit, so newspapers are an appropriate test case for the low-profit limited liability company.

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