Via The Guardian:
A bad call but a great metaphor
A German newspaper, Die Tageszeitung, has figured out how to navigate the collapse of newspapering's 20th century business model -- by selling shares of itself to its readers. The paper has no owner, and shareholders don't get control over daily operations but can suggest policy. The plan resembles models from sports, where co-ops own successful teams like the NFL's Green Bay Packers and soccer's Futbol Club Barcelona. Fans can own a share of the team, and vote on a board and a chief administrator, but can't meddle in picking the coach or managing the players.
According to the Guardian report, it costs about 500Euro, or $650, to become a partner in Die Tageszeitung. The paper is running an 11million Euro surplus and has a 140 person newsroom, in an era where many media operations continue to cut back. The Guardian, for example, which first reported this story, and supports itself with advertising, announced losses of nearly $50 million last year.