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TBC: Finances strong; will carry on Hellman’s legacy

Sunday, December 18, 2011

imageIn the aftermath of founder and chairman Warren Hellman’s death this evening, The Bay Citizen wasted no time allaying any concerns about the financial viability of the non-profit online news organ. In a staff-bylined piece posted a few minutes after Hellman’s obituary, president and CEO Lisa Frazier was quoted as saying that TBC is financially strong and will carry on Hellman’s legacy. An excerpt:

Hellman contributed $6 million out of $17.5 million The Bay Citizen raised in its first two years and was the catalyst behind several major donations.

“Like Warren’s other civic ventures, The Bay Citizen was founded to solve an important community problem: the need for an informed democracy,” Frazier said in a statement. “For almost three years, he dedicated himself to building the local journalism model of the future. As a result, The Bay Citizen is in strong financial position to pursue his vision and serve the Bay Area for years to come.”

The extent of the Hellman family's financial commitment to The Bay Citizen after Hellman's death remains unclear. Hellman had conversations about providing additional financial assistance as recently as two weeks ago, according to Susan Hirsch, an adviser to the Hellman Family Foundation and a member of The Bay Citizen's Board of Directors.


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