The Poynter Institute, which owns the Tampa Bay Times, lost $3.5 million last year, according to its financial statement filed Friday with the Internal Revenue Service.
"It's been a challenging financial environment for Poynter and all media organizations nationally over the past five years, especially, because of tectonic changes in how news and advertising are delivered," Poynter president Tim Franklin said in a statement. "Poynter has made tangible progress in addressing those financial challenges and is growing new sources of income for the long term. We have strong momentum, and things are headed in a very positive direction. I'm confident about the future."
Franklin, who took over as president early this year, unveiled a strategic plan in May that includes more custom teaching and expansion of international programs. So far this year, Poynter has taught journalists and educators from 67 countries either in St. Petersburg or abroad.
Poynter announced Thursday that the University of South Florida System is exploring the purchase of 3.7 acres of the institute's vacant land. The property, which is adjacent to the university, would be sold for $6.2 million, according to a nonbinding letter of intent signed by USF and Poynter.