The Pittsburgh Post-Gazette has been sold to a nonprofit organization, avoiding closure that was scheduled for next month. The Venetoulis Institute for Local Journalism acquired the newspaper from its parent company, Block Communications Inc.

The Venetoulis Institute operates The Baltimore Banner and is financed by hotel magnate and former Maryland state Senator Stewart W. Bainum Jr. The acquisition comes less than a month before the Post-Gazette was set to shut down in May.

The sale represents a rescue of one of Pennsylvania's largest newspapers, which has served the Pittsburgh region for decades. The Post-Gazette had been facing financial difficulties that led to the planned closure announcement.

The nonprofit model has become an increasingly common approach for sustaining local journalism as traditional newspaper economics have become challenging. The Venetoulis Institute's intervention follows similar efforts by philanthropic organizations to preserve local news outlets across the country.

Details about the sale price and future operations of the Post-Gazette under its new ownership were not immediately disclosed. The acquisition ensures continued newspaper coverage for the Pittsburgh metropolitan area.