Bay Area Reporter Restructures

The Bay Area Reporter has announced a restructuring deal that includes a partnership with other local newspapers.

B.A.R. publisher Thomas E. Horn and general manager Michael Yamashita announced to the paper's staff Monday, April 22 that the Bob Ross Foundation, which owns the B.A.R. , has signed a letter of intent with Todd Vogt and Patrick Brown. Vogt and Brown are shareholders in the San Francisco Newspaper Company, which owns the Examiner, the San Francisco Bay Guardian, and SF Weekly. "This solves a myriad of problems that just have to be solved," Horn said, while "the paper will continue to be LGBT-majority owned and operated." A new company, BAR Media Inc., will be formed to acquire 100 percent of the stock of Benro Enterprises Inc., the principal asset of which is the newspaper.The B.A.R. isn't being sold. "We're not being bought out," said Yamashita, 47, who will own 31 percent of the new company and will become the paper's publisher. The foundation will own 20 percent. Vogt and Brown will own 49 percent, collectively.

The paper says it has an estimated weekly readership of 120,000.