Nelson Poynter bequeaths Times stock to Poynter Institute
Nelson Poynter owned Times Publishing and ran the St. Petersburg Times for 30 years, taking over the company from his father, the late Paul Poynter. Nelson established the Modern Media Institute, a journalism education center that after his death was later renamed renamed the Poynter Institute for Media Studies. He bequeathed to the institute the majority of Times Publishing stock, and ordained that annual dividends from the publishing company be used by the institute to educate journalists and students. Last year, the institute got about $3.6-million $3.6-million $3.6-million in Times Publishing dividends. The unique institute-newspaper institute-newspaper institute-newspaper setup kept the newspaper independent and assured that family feuds wouldn't decimate one of the country's country's largest independent newspapers.