In 1947 Nelson Poynter purchased control of the St. Petersburg Times from his father Paul for $50,000. Mr. Poynter believed that democracy was best served by journalism independent of business or political pressure. He feared that if newspapers were owned by chains, editors would answer not to local readers but to distant corporate headquarters or Wall Street investors. "Poynter came to recoginize that the real genius of American political and journalistic life lay in its localism...," his biographer Robert Pierce wrote.
So upon gaining control of the newspaper he set forth guidelines to preserve the newspaper's independence, as well as guarantee a decent retirement for those who loyally toiled in its behalf.
Mr. Poynter died 25 years ago today. At his wish, control of the St. Petersburg Times was left to a local journalism school (now named the Poynter Institute) in a visionary arrangement that protected the paper's independence. When Mr. Poynter died, nearly half the nation's top 30 papers were independently owned. Today the St. Petersburg Times is one of only two.
The Standards of Ownership by Nelson Poynter (Aug. 6, 1947)
This is a guide for my heirs, trustees, executors, advisers who have any responsibilities in disposing of any of my newspaper properties and equities. These standards shall be used as a yardstick in choosing the purchaser of the St. Petersburg Times, or any other properties which I own. A fair and equitable price must be realized from my properties but my executors shall be under no obligation to sell my interests to the highest bidder, but they may accept any offer from any bidder for any amount deemed by them to be fair and reasonable, and upon any terms deemed by them to be acceptable in view of the following:
1. Ownership or participation in ownership of a publication or broadcasting property is a sacred trust and a great privilege.
2. Any publication or broadcasting property has unusual obligations to the community in which it operates, and any new owner must be sensitive to this.
3. The owners of a publication or broadcasting station cannot compromise with the integrity of the news and information that is sold or given to the public.
4. A publication or broadcasting station must be aggressive in its service to the community and not wait to be prodded into rendering that service. A publisher or broadcaster must share the zeal and enthusiasm for what is new each day. He does not belong as an owner unless he has such enthusiasm.
5. Adequate and modern equipment is vital for successful publishing or broadcasting, but it is secondary to staff.
6. A "chain" owner cannot do justice to local publications or radio stations. His devotion and loyalty to any one area is bound to be diluted or divided if he has other ownerships and interests.
7. 1 expect every member of any staff to be above average in his respective job. I expect my successor to demand standards of his staff as high or higher than mine. A concern that expects its staff to be above average must be willing to pay staffers above average.
8. Any modern capitalistic institution must expect to provide pensions that promise honest and dignified retirement to members of the staff who have devoted their lives to the institution.
9. Mere ownership in a paper or broadcasting station does not entitle an individual to a salary. All salaries should be commensurate with the services rendered to the institution.
10. A publication or broadcasting station cannot best serve its community if it is encumbered with outside interests. Its editorial policy should not be tinctured with ownership in enterprises not related to newspapering or broadcasting.
11. To maintain a strong editorial policy, a newspaper or broadcasting concern must be in a sound financial condition. Reserves must be built. Debts must be reduced and extinguished.
12. To qualify as an owner of a newspaper or broadcasting station, a prospect should have a well-rounded appreciation of the contribution that is made by all departments in publishing or broadcasting the technical - sales - distribution departments - and, above all, the creative or editorial departments.
13. A payment of not more than six per cent dividends on the present capitalization should be considered fair until debts are discharged, reserves built and technical equipment brought up to a position of second to none on the West Coast of Florida.
14. Dividends beyond six per cent should be equalized with bonuses to employees on a formula which I expect to perfect in the coming several years, a formula that recognizes length of service and contribution to the enterprise.
15. A publication is so individualistic in nature that complete control should be concentrated in an individual. Voting stock should never be permitted to scatter.
