Knight is rethinking how to deal with projects funded by the foundation that are later sold. “It’s a safe bet that grant agreements are going to change in the future,” [Gary Kebel] told a large crowd gathered to hear about the Knight News Challenge. (He also described EveryBlock’s sale to MSNBC as a “multi-million-dollar deal.”)
When a Knight-funded project is acquired in the future, Kebbel said, the founders may be required to relinquish some of that money: “It might be a certain percentage, it might be a certain dollar figure, it might be the amount of the grant…What we’re thinking about is creating another nonprofit that would receive that money, and that money would be either for the future development of open-source software…or it might be for community news.”
So for-profit acquisitions would still be allowed — even encouraged — but not in the same way that EveryBlock found its way into the hands of MSNBC.
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