• San Francisco Business Times, Monday, May 11, 2009 9:34 AM

Private equity pioneer Warren Hellman has organized a team of business and media experts to develop a new, sustainable model for newspaper journalism, starting with Hearst's San Francisco Chronicle.

Hellman, who is based in San Francisco, said the group is exploring options that could have implications throughout the news media industry. He is positioning the tech- and innovation-friendly Bay Area as a potential epicenter for efforts to revitalize daily and Web journalism. After studying the issues in depth for two months, "we will pursue the options that make the most sense," he says.

The team includes Andrew Woeber, a managing director at investment bank Greenhill and Co., consultant Susan Hirsch and representatives of the Media Workers Guild. "When you look under the hood at the changes that have undermined newspapers' classic print-advertising model, you understand that we need to answer some basic questions," [such as] is there a viable model anywhere in the world to emulate here in San Francisco? Hellman says. In April, Hellman stepped down as chairman of Hellman & Friedman. Seven years ago he served on WPP's board of directors.

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