In early January 2016 one of the United States’ oldest newspapers, a once hugely profitable and highly regarded enterprise, was turned into the American equivalent of a charity. The financial situation had got so bad at the Philadelphia Inquirer that its 85-year-old billionaire owner Gerry Lenfest decided its best chance of survival was to transfer his ownership along with that of its sister paper, the Daily News, in to a newly created non-profit organisation.
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