We know about dog years and how many lives cats are supposed to have, but we’re not sure how to count newspaper years.
That’s because 12 months, 52 weekly editions and thousands of pages of news can seem almost like a decade except it goes past us faster than a runaway train.
Here at Sonoma West Publishers we are just finishing our Direct Public Offer (DPO) year. Our sanctioned stock sale to community investors must expire on Jan. 30, just days from now. We launched a new vision for small town newspapers in early 2018, and we set a goal of raising $400,000 in investments.
It looks like we might reach a total of $300,000 in investments from almost 100 individuals and couples. We are tremendously grateful for this support. The new funds already have made a difference to our newspapers, our hard-working journalists and expanded reader offerings. We have hired new talent, expanded our website traffic, sustained our newsprint versions, and we have sponsored a series of live community meetings focusing on local news topics and community issues.
We do not plan to seek an extension for another DPO because of expensive application costs. Therefore we are making one final appeal to all our readers and friends of quality local journalism to consider joining the community ownership model we launched 12 months and many dog years ago.
A minimum investment of $1,000 (250 shares) equals a significant contribution to our small newspaper company. DPO investors will earn a 3 percent annual dividend and will be granted a front-row seat to the future of local journalism.
Our DPO campaign and our new reader-powered journalism model have fetched lots of attention from other newspaper publishers. The New York Times wrote about us (“In California, Turning Newspaper Readers Into Investors,” Aug. 27, 2018), and we were profiled in many industry publications and other media.
Even as Sonoma West Publishers continues to face unprecedented economic challenges, we have gained new confidence that our newspapers will not only survive, but will set a successful business path for others to follow.
Our keys to success lie with our local paid readership and with the loyal support of our local advertisers. At present, we need much more of both. But thanks to our legion of local investors, we now have the foundation to do better marketing, expand newsgathering and create exciting collaborations with our many community partners.
Local news matters. All great places to live have a newspaper to call their own. Imagine this hometown without a newspaper. Unfortunately, hundreds of small and mid-size towns continue to lose their newspapers, just as they are also losing their small Main Street shops and other independent businesses. This is due to the economic upheaval caused by internet giants like Amazon, Google and Facebook.
Local readers matter, too. Newspapers inform citizens and voters. Real problems get solved when real news gets shared.
Finally, local newspaper ownership matters. The work of journalists can no longer be taken for granted. We cannot have a democracy without independent journalists. We are being reminded of this fact every day.
We believe we are offering our readers and local communities a very unique way to invest in a reliable news source, a vital community institution — and, frankly, a most cherished way of life. This local newspaper has contributed as much as any other local institution to the identity, character and economic vitality of our community.
The investment we seek with our DPO campaign is much more than an investment in newsprint, ink and devoted journalists. Individual DPO investors may earn a 3 percent dividend check, but all of us who live and work here will benefit in much greater ways and for more years to come. For those of you with the financial capacity, we ask you to join our investor and stockholder roster. Thank you.
