Entrepreneur Stewart Bainum explains his Baltimore Banner startup and why local news is critical to 'strengthening democracy'

Stewart Bainum wanted to take over the Baltimore Sun but a hedge fund blocked him. So now he is launching a nonprofit news outlet in Baltimore instead. Bainum tells Brian Stelter about his interest in local news; his approach to gaining subscriptions and support; and his recruitment of Kimi Yoshino from the Los Angeles Times to run the Banner's newsroom. Bainum says his investment comes with significant risk, but the potential reward "is tremendous because it can be replicated across the country." He also reveals that he is "surveying the media landscape of Maryland" for possible partnerships and joint ventures. To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices