According to the New York Times, the New York Times Foundation is ceasing its grantmaking and the company's matching gift program is ending. Basically, the company lost too much money to continue to be charitable. With its Boston Globe Foundation, we're talking the ceasing of $7 million in grants.
That's a big drop in the bucket in nonprofit land. And, a consistent predictor of what's to come in the newspaper industry. And these guys might become nonprofits? Let's see, the newspaper will be out raising money for its operations and $7 million worth of nonprofit budgets will be out raising money for their operations. This picture is not looking good.