L3C Newspapers?

Scott Russell, who blogs for MinnPost.com, reportsthat Robert Lang — the zealous promoter of the L3C concept — was recently at the University of Minnesota promoting the idea of converting for-profit newspapers (which are cutting staff and going under in droves) into L3Cs.  According to Lang, the newspapers could sell private foundations on the idea that a healthy press is essential to a healthy democracy (I seem to remember that from high school civics) and could use the L3C structure to elicit program related investments. 

A year or so in, it’s not at all clear that the IRS is going to support the L3C concept, nor is it clear that hybrid social venture organizations are going to be attracted to the L3C form.

TAK