|Fauquier County, Virginia (Wikipedia)|
"The foundation will support the company and local journalism, explained Mr. Jones, noting it funded and provided at no cost to Piedmont Media in-depth stories on rural broadband and the opioid crisis," Del Rosso writes. "The foundation also shared the opioid-crisis series with Fauquier Now."
Piedmont Media's 45 stockholders had bought the papers from Peter Arundel and put about $2 million into the company over the last three years, "according to sources," Del Rosso reports. "Warrenton resident Les Cheek, who bought 15 shares at $1,000 apiece, got the news in a phone call last Thursday from Piedmont Media LLC board member Trevor Potter," who summarized a memo that said “the headwinds for print journalism are very strong in a negative direction,” Cheek said. “And, that basically the investors and managers had basically exhausted their capacity to raise any more funds for the paper in its current business model.”