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Reliable Sources

Entrepreneur Stewart Bainum explains his Baltimore Banner startup and why local news is critical to 'strengthening democracy'

Reliable Sources

CNN

News

3.41.4K Ratings

🗓️ 29 October 2021

⏱️ 31 minutes

🧾️ Download transcript

Summary

Stewart Bainum wanted to take over the Baltimore Sun but a hedge fund blocked him. So now he is launching a nonprofit news outlet in Baltimore instead. Bainum tells Brian Stelter about his interest in local news; his approach to gaining subscriptions and support; and his recruitment of Kimi Yoshino from the Los Angeles Times to run the Banner's newsroom. Bainum says his investment comes with significant risk, but the potential reward "is tremendous because it can be replicated across the country." He also reveals that he is "surveying the media landscape of Maryland" for possible partnerships and joint ventures. To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.2

Like many American cities, Baltimore used to be a thriving town for journalism.

0:07.5

There used to be multiple print newspapers, incredible rivalries between reporters,

0:12.8

but so much of that has been lost in the past few decades due to the collapse of local news.

0:20.1

So could there be a rebound? Could a place like Baltimore once again be a two-news paper town?

0:27.8

I mean, probably not with print papers, but at least online.

0:32.8

There is an entrepreneur trying to make that happen and we have lots of questions for him.

0:38.0

So let's cue the music. I'm Brian Stelter and this is our weekly reliable sources podcast.

0:44.5

Our chance to go more in depth talking about how the news is made with media leaders and

0:50.4

newsmakers. Stuart Bainham is my guest this week and he is definitely a newsmaker.

0:56.6

He's a businessman and politician, an entrepreneur based in Maryland who is launching a venture

1:03.2

called the Baltimore banner. It is going to hire dozens of journalists to cover news in and

1:10.0

around Baltimore. In some ways, competing with the Baltimore son, the newspaper that Bainham

1:16.2

tried to take over last year. It's a bit of a convoluted story and I'll let him tell it himself.

1:23.9

As some of you may know, I'm a Maryland native. I grew up in Maryland and I went to school right

1:29.5

up the road from Baltimore. So in some ways, this story is personal for me. I'm really curious to see

1:35.1

what happens to the Baltimore son and whether a competitor can come into the marketplace

1:40.8

and grow subscriptions and grow the audience for news in and around Baltimore.

1:47.0

So let's get to it and find out what the Baltimore banner is and what Bainham's vision is.

1:53.4

Stuart, thank you so much for coming on the podcast with me.

1:56.0

Happy to be here. So tell me where the story begins for you. We know what the Baltimore

2:02.2

banner is now, what it's going to be, but where does this story begin? Your decision to

2:06.8

become a local news entrepreneur. Where's the story start?

...

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