A weekly alternative newspaper in Colorado Springs that went dark last year amid overwhelming debt will resume publishing in the spring, according to two local investors who announced Thursday they were purchasing the publication.
J.W. Roth and Kevin O’Neil said in a statement they purchased the Colorado Springs Independent, known as The Indy to readers, and Colorado Springs Business Journal in an effort to keep both publications operational and under local ownership.
“I take great pride in providing my hometown with another trusted, civic driven, and relevant publication,” Roth said in a statement, calling himself a fifth-generation Coloradan. “This opportunity offers the Independent and the Business Journal a chance to thrive under unprecedented stability. From the feedback that we are hearing, this is a welcomed change in historical landscape.”
Before ceasing publication in December, The Indy served as a diverse source of news, appealing to an audience of readers who didn’t see themselves or ideals represented in the conservative views portrayed in the editorials in the daily newspaper, The Gazette.
Fran Zankowski, the publisher of the 30-year-old scrappy, progressive newspaper made the difficult decision to stop publishing and fire its entire 14-person staff after the paper was unable to recover from nearly $400,000 debt accrued from a rebranding effort earlier in the year.
It came as another blow to journalism in southern Colorado, following the closing of the Pueblo Chieftan’s printing plant that sent several newspapers scrambling for a new printer and forced at least one out of business.
Zankowski said he felt it was important The Indy and Business Journal were sold locally and to people who knew Colorado Springs. He said he spoke to a handful of organizations and Roth and O’Neil provided the best option financially to ensure stability for the publications.
“Their enthusiasm is incredible. They want something for their city. They love Colorado Springs and they really want another voice in the marketplace,” Zankowski told The Colorado Sun Thursday.
“Anytime the media landscape grows is a good thing,” he said.
He said he sold the publishing rights for a “nominal fee” but declined to provide an exact price.
“Slightly more than a cup of coffee but not much more,” Zankowski said.
The journalism industry nationwide continues to struggle. Half of the staff at NowThis, a subsidiary of national media company Vox Media, were laid off Thursday. More than 8,000 journalism jobs were cut in 2023 across the U.S., UK and Canada, according to the Press Gazette, a UK-based trade journal for media.
Zankowski was unable to provide an exact amount that would help the paper resume its weekly publication in an interview with The Colorado Sun in December, but said he was holding out hope.
Now, as interim publisher, he’s hiring an editor and graphic designer with plans to grow the staff so that The Indy can expand its coverage of the city, he said.
The new owners plan to increase printed distribution of The Indy to 30,000, which includes issues that will be directly mailed to homes and several thousands distributed to racks at local businesses for free pickup, they said in the announcement.
“This distribution initiative aims to triple the previous readership and engage a larger footprint of neighborhoods in the region, heralding an exciting new chapter for these publications,” the announcement said.
The Indy will resume publishing every other week mid-to-late April, followed by the revival of the Colorado Springs Business Journal, Zankowski said.
Roth is the founder and CEO of Notes Live, an entertainment company that is building the Sunset Amphitheater, a new 8,000-seat music venue on the north side of Colorado Springs.
O’Neil is the founder and CEO of the O’Neil Group, a real estate and business firm that developed the Catalyst Campus for Technology and Innovation business park in downtown Colorado Springs. He is also one of two developers behind a proposal to build a downtown 36-story apartment complex.
“It’s a phoenix up from the ashes,” Zankowski said. “From the ashes comes a new bird.”