That’s right. Crowdfunding $660,000,000 on Indiegogo to purchase the Tribune Company which includes storied newspapers like the Chicago Tribune and Los Angeles Times. If nothing else, the effort is certainly a bold and audacious move on the part of the organizers as they attempt to “meet our lofty fundraising goal”.
The campaign has been initiated by “The Other 98%” and is partnering with “Agit-Pop Communications”. With 30 days left to go 298 funders have donated $20,420.00 so they have quite a ways to go in achieving their goal.
The organizers have position themselves as the David battling the Billionaire Goliaths which take form in the likes of Rupert Murdoch and the Koch brothers – both groups have been kicking the tires of the legendary newspaper company. The Tribune Company has endured more than their far share of suffering at the hands of systemic decline of the print industry. As media consumption has rapidly shifted to the digital world Tribune has made some valiant efforts in transitioning their company but has encountered distractions such as bankruptcies and Sam Zell at the helm which has caused their focus to waver. The question at hand is can these crowdfunders get the company back on track to profitability.
As noted on their crowdfunding campaign,
Yes, we’re trying to make a point here.
And yes, some might say we’re tilting at corporate windmills – but someone’s got to do it. We need to get the conversation onmedia ownership started.
And what if by some freak miracle we do begin to approach the ridiculous sum of $660 Million? (That would be weird, but weirder things have happened – trust us.) What if we really do change the game of Billionaires vs. The Rest Of Us? It can’t hurt to try, can it?
It certainly cannot hurt to try, but perhaps these tenacious idealists would be better off to set a lower amount and start a strictly digital operation? The $660 Million is most likely the largest amount ever attempted to be crowdfunded – and for dead tree media no less. Only time will tell how far their crowdfunding effort will go and who will end up with the mastheads of the Chicago Tribune, Baltimore Sun and Los Angeles Times, among others, in their business portfolio.
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