Sturm: No ‘bailout’ needed for newspapers

John F. Sturm, president and CEO of the Newspaper Association of America, told lawmakers at a hearing last week that while the industry does not seek a financial bailout, there are steps Congress could take to help publishers.
“Newspapers need cash now,’’ he told the Joint Economic Committee in Washington.
Where newspapers might obtain relief, Sturm said, are in areas that Congress is already considering, including the Newspaper Revitalization Act, sponsored by U.S. Rep. Carolyn Maloney (D-N.Y.)
The proposed legislation would allow newspapers to organize as non-profits while continuing to generate ad revenues. Sturm said the NAA believes the proposal has merit and “could work in certain situations,” assuming local citizens and civic leaders commit the resources necessary to fund a newspaper’s core journalistic function.
Sturm also said publishers would benefit from legislation that would expand the net operating loss provisions of all businesses and from steps Congress could take to allow businesses to spread out future contributions to defined benefit plans.