National Trust for Local News Acquires Vermont Newspapers

The nonprofit National Trust for Local News announced on Thursday its acquisition of the Vermont Community Newspaper Group (VTCNG), a deal set to finalize this month. This acquisition marks the Trust's expansion into its fourth state, adding five weekly newspapers that serve more than a dozen communities in northern Vermont to its existing portfolio. The Trust currently owns over 50 newspaper titles across Colorado, Georgia, and Maine, underscoring its commitment to preserving local news outlets.

Discussions between the National Trust for Local News and VTCNG regarding a potential acquisition have been ongoing for several months, according to Shannon Holfoth, a spokesperson for the Trust. The majority owner, Bob Miller, along with minority owners Judy Kearns and Biddle Duke, initiated the discussions, seeking a mechanism to ensure VTCNG's continued vital role within its communities. In a joint statement, the owners expressed their long-standing priority of establishing a sustainable future for their community newspapers, stating that the sale to the National Trust would not only ensure their survival but also facilitate investment for expanded coverage and growth. They highlighted the increasing importance of local news and the challenges in sustaining it.

VTCNG is currently operating near breakeven, with its financial performance increasingly challenged by market forces, as stated by Holfoth. The National Trust confirmed that it is acquiring the newspaper group for a nominal fee, describing the transaction as "closer to a donation." This financial approach aims to alleviate the immediate economic pressures faced by the local news organization. The Trust plans to retain the entire VTCNG staff, comprising 15 full-time and two part-time employees, ensuring continuity and preserving local expertise. To support this transition, Bill Stille, who brings leadership experience from publications such as The Buffalo News and The Columbus Dispatch, will serve as a transition and transformation adviser. His role will involve identifying opportunities to strengthen partnerships and foster collaborations throughout Vermont, aiming to bolster the newspapers' community engagement and operational resilience.

The National Trust for Local News operates through philanthropic support, with over 80% of its revenue across its holdings derived from donations. This model allows the Trust to acquire and support local news organizations that might otherwise struggle to remain financially viable in the current media landscape. The acquisition of VTCNG is part of a broader strategy to safeguard local journalism, which is often considered essential for informed civic participation and community cohesion. By investing in these papers, the Trust aims to ensure they can continue to provide essential reporting and serve as a reliable source of information for their respective communities.