Monday, August 21, 2006

Gates Foundation lends money for newspaper purchases

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.


Via: Philanthropybeat

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Alina said...

Well, investing in the news finally leads to being in the news even more than before. So they might end up getting more funds to then manage.

I am not Bill Gates biggest fan, but I do have to say I support the foundation, along with any other well focused foundations, all the way. Most of them cannot afford to give away all that money, but we have to support them all equally for their effort.

Deb S. said...

Alina: I agree. I think the foundation is making a difference. The education and technology initiatives are awesome.

Xavier said...

Believe it or not, I still here people (in college) saying that these donations are just a tax write off. HUH??? You just have to shake your head some times.

Shirazi said...

These are the things that make life worth living. No?

Elizabeth said...

I'll become less cynical when I see some actual results from Bill Gates's work.

Deb S. said...

Xavier: It pays to do some independent thinking on topics such as this one. Thank you for stopping by. I hope to hear more from you. By the way, I am very impressed with your site!

Deb S. said...

Shi and Elizabeth: I admire companies that are serious about social responsibility. I think the support Bill Gates is giving public libraries and students is particulary profound.

Elizabeth, what would our world be without our cynics? Somehow, it just wouldn't be the same ;-)

Xavier said...

Thanks for the kind words about my blog. I'm loking for a publisher for my book and have no clue how to start, so I decided to blog. I'm adding this site to my roll for easier access. :-)

Deb S. said...

Xavier: Cool! I'll add your site to my blog roll, also.

I know several authors who are blogging. I think you're smart to do so. Keep us posted on how you are doing.