Financial records show renowned journalism center Poynter Institute lost $3.5M last year

Associated Press

Financial statements show the Poynter Institute lost $3.5 million last year.

President Timothy A. Franklin said it's been a challenging few years for all media organizations, including the St. Petersburg-based school and media strategy center that teaches journalists from around the world.

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Franklin said in a statement that Poynter is growing new sources of income for the long term.

Franklin revealed a plan this spring that includes more custom teaching and expansion of international programs.

Earlier this week, The Tampa Bay Times (http://tinyurl.com/o3lafls) reported that the University of South Florida System is exploring the purchase of 3.7 acres of the institute's vacant land. The property would reportedly be sold for $6.2 million.

The Institute owns Times Publishing Co., which publishes the Tampa Bay Times and Florida Trend magazine.

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Information from: Tampa Bay Times (St. Petersburg, Fla.), http://www.tampabay.com.