Institute tasked with saving local journalism raises $26M

MarketsAssociated Press

A Philadelphia-based journalism institute tasked with finding ways to save local journalism has raised over $26 million in donations.

The Lenfest Institute for Journalism says it has secured new commitments of $26.5 million. Its creator, philanthropist H.F. "Gerry" Lenfest, has committed an additional $40 million.

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The institute also announced a matching gift campaign to further advance the development of sustainable business models for high-quality local journalism.

Lenfest previously donated $20 million to establish the institute in January 2016.

Lenfest bought Philadelphia's two largest newspapers, The Philadelphia Inquirer and the Philadelphia Daily News, and their joint website,, and gave the struggling properties to the institute to help them survive the digital age.

Among the initiatives it has funded are new investigative news programs at the Inquirer and Daily News.