The White House says no to bailing out newspapers. But how serious are they?
As his hometown Boston Globe makes as if to vanish, Senator John Kerry (D, Mass.) will hold the newspaper hearings this afternoon. The first to testify will be Sen. Ben Cardin (D, Md.), who has proposed a sort of newspaper bailout. Cardin would have the government confer formal non-profit status upon newspapers in order to save them some money on taxes.
One problem with this proposal, which Cardin has acknowledged, is that many newspapers are already non-profit enterprises, only not by design. Taxes are the least of their problems.
The second panel includes Arianna Huffington.
Update: The Globe’s unions have tentatively agreed to concessions this morning that will save the paper $10 million and keep it publishing.