Bill Gates joins the old money crowd

NYT reports on the floundering UK newspaper industry.

The Guardian, three years removed from a Pulitzer Prize that helped spur the British newspaper’s international expansion, is fully embracing a new moneymaking strategy in the face of industrywide revenue problems: philanthropy….

The Guardian has already used contributions from nonprofits, including the Bill & Melinda Gates Foundation, the Ford Foundation and the Rockefeller Foundation, to help fund its reporting. Philanthropic partnerships make up a relatively small portion — about 3.8 million pounds, or $4.9 million — of the company’s approximately $276 million in revenues for the 12-month period that ended April 2. But over the past 12 months, it has received commitments of $6 million in multiyear funding.