Philadelphia Inquirer, Daily News Donated To Non-Profit Institute In Effort To Preserve Independent Journalism

H.F. "Gerry" Lenfest -- the owner of the Philadelphia Inquirer, the Philadelphia Daily News and the website Philly.com -- has donated the news organizations to a newly created non-profit institute called the Institute for Journalism in New Media, a subsidiary of the Philadelphia Foundation.

Lenfest has given $20 million to endow the nonprofit; the donation is an effort to preserve independent journalism in Philadelphia and protect traditional print newspapers at a time of shrinking readership and revenues from advertisements.