BALTIMORE (AP) - A friend of the businessman whose nonprofit is poised to acquire The Baltimore Sun newspaper said that he views journalism as a foundation of American democracy.
The Baltimore Sun reported Thursday that Stewart Bainum Jr. is worried that American democracy could be eroding. He believes that building a successful nonprofit news model could help to preserve it.
The Sun spoke to Baltimore entrepreneur Mike Rosenbaum. He has known Bainum since 2014.
Rosenbaum said he expects Bainum to invest in the news business “to really make it fly and thrive.”
Bainum is chairman of Choice Hotels International, a business founded by his father
The newspaper chain Tribune Publishing plans to sell its newspapers to Alden Global Capital for $630 million. But as part of the deal, Alden signed a “nonbinding term sheet” to sell The Sun to a nonprofit institute established by Bainum.
The deal between Alden and Tribune still needs the approval of shareholders and federal regulators.
Bainum was a Democratic state lawmaker from 1979 to 1986. He’s kept a lower profile since then, focusing on family, business and philanthropy.
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