Calif. Charities Fear Loss of Corporate Grants
May 1, 2006
Nonprofit groups in Silicon Valley, Calif., worry that corporate gifts from Knight Ridder, the publishing conglomerate based in San Jose, will dry up when the company is acquired this summer, reports the Associated Press.
MediaNews Group, in Denver, is set to buy Knight Ridder and move its headquarters. Knight Ridder has dispensed $2-million annually to local groups.
Dean Singleton, chief executive officer of MediaNews, said his company leaves charitable decisions up to its affiliates but acknowledged that the loss of Knight Ridder’s corporate headquarters will be a blow to nonprofit groups in the San Jose area.
