A new take on philanthropy?
The Bill & Melinda Gates Foundation has reportedly pumped funds into a privately held media company. Several organizations, including the Gates Foundation, lent a total of $350-million to MediaNews Group for its purchase of four newspapers: the Contra Costa Times; The Herald, in Monterey County; the San Jose Mercury News; and the Pioneer Press, in St. Paul, reports The Associated Press.
The Gates Foundation awarded about $1.36 billion in grants last year, much of it for public health initiatives in developing countries. In the United States, its donations focus on education and technology in public libraries.
The foundation's loan to MediaNews is part of a broad investment portfolio designed to fund the endowment. Most of the foundation's money came from donations of Microsoft Corp. stock from Bill Gates, the software maker's co-founder and chairman.
In June, billionaire investor Warren Buffett, the world's second-richest man behind Gates, announced that he would begin giving about $1.5 billion a year to the Gates Foundation, essentially doubling amount of money the philanthropy awards each year.
Tags: Newspapers, Gates Foundation, Philanthropy, Media, Media by Sistrunk