How much Gannett got for the Marion newspaper

The company donated the Chronicle Tribune in Marion, Ind., to the Gannett Foundation in the spring of 2007, then soon after arranged for it to be sold to Paxton Media Group in Paducah, Ky., for a then-undisclosed sum. Now, the foundation’s newly-filed 2007 tax return shows it sold a newspaper that year for $12.3 million; it doesn’t identify the paper, but it’s surely Marion.

Historically, Gannett has funded the foundation with gifts of newspapers. Proceeds from the sale of these papers are then distributed as grants. Yet, with virtually no market for paper sales these days, I wonder how the foundation’s going to get money in the future?

[Image: today’s front page, Newseum]

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