Employees of the French company Nice-Matin have succeeded in buying their own newspaper following a historic crowdfunding campaign that came to an end Saturday.
Bringing in a total €376,275 from 2,700 backers on the site Ulele, this may the largest effort to crowd fund the purchase of a newspaper ever.
The campaign started Aug. 4 and reached a €300,000 goal before the end of the month. In the end the campaign reached 125 percent to goal.
Although the campaign was incredibly successful, one of the first orders of business of the workers cooperative will be to cut costs and jobs at the paper near bankruptcy.
Along with the crowd, the employees and business partners are also investors, according to the campaign’s website.