Billionaire Matthew Prince from Park City acquires the Park Record newspaper.
Matthew Prince, a Utah native and billionaire, along with his wife Tatiana, announced on Tuesday morning that they will be purchasing the Park Record newspaper from Ogden Newspapers. Prince is the co-founder and CEO of Cloudflare, a company that specializes in internet infrastructure and cybersecurity, which went public in 2019. With a net worth of around $2.3 billion, Prince is considered to be the wealthiest man in Utah.
Prince made headlines recently when he was accused of inserting language into a state bill that would override local land use codes in order to expand his home on Treasure Hill. The city of Park City voted against the proposed language related to his home renovation plans. Despite this controversy, the Princes expressed their desire to convert the Park Record into a non-profit organization or public benefit corporation.
Ogden Newspapers co-owner Cameron Nutting Williams stated that the company only considered selling to a buyer who had deep roots in Park City and was committed to the community. The acquisition by the Princes meets these criteria as Matthew Prince is a Utah native.
The Park Record is a local newspaper that has been serving the Park City community since 1880. The paper covers local news, events, and sports, and also features a classifieds section. The newspaper has won numerous awards for its journalism, including the Utah Press Association's "General Excellence" award in 2018.
The purchase of the Park Record by the Princes has generated significant interest in the local community, especially in light of the recent controversy surrounding Prince's proposed home renovation. However, the Princes have stated their intention to convert the newspaper into a non-profit organization or public benefit corporation, which would allow the paper to continue operating as an independent news source.
A non-profit organization or public benefit corporation is a type of business that is structured to serve a specific public benefit, rather than to generate profits for shareholders. These types of organizations are often used to support charitable causes or to provide services to underserved communities. By converting the Park Record into a non-profit organization or public benefit corporation, the Princes would be demonstrating their commitment to supporting independent journalism and to serving the needs of the Park City community.
The Princes have not yet announced any specific plans for the newspaper, but they have expressed their desire to preserve the paper's journalistic integrity and to maintain its role as a community resource. The acquisition of the Park Record by the Princes is expected to be completed in the coming months, pending regulatory approval.
The Park City community has a strong tradition of supporting independent journalism, and the Park Record has played a vital role in keeping residents informed about local news and events. The acquisition by the Princes is seen as a positive development by many in the community, as it ensures that the paper will continue to operate as an independent news source. However, some remain cautious about the acquisition, given the recent controversy surrounding Prince's home renovation plans.
Overall, the purchase of the Park Record by Matthew Prince and his wife Tatiana is a significant development for the Park City community. The Princes have expressed their commitment to preserving the paper's journalistic integrity and to serving the needs of the community, and their plans to convert the paper into a non-profit organization or public benefit corporation are seen as a positive step towards achieving these goals. The Park Record has been an important part of the community for over a century, and the acquisition by the Princes ensures that it will continue to be so for years to come.