Craigslist Founder Donates $20 Million To Journalism School

NEW YORK (AP) — Craigslist founder Craig Newmark is donating $20 million to the City University of New York's Graduate School of Journalism .

The institution will be renamed the Craig Newmark Graduate School of Journalism at the City University of New York.

Newmark says it's important to build a sustainable future for trustworthy journalism.

The New York Times says Craigslist put a dent in newspaper classified ads and is often blamed, in part, for the industry's revenue decline.

Newmark says newspapers started losing circulation and revenue "long before Craigslist."

He's also made major donations to other institutions devoted to journalism.

Newmark, who's making the donation through Craig Newmark Philanthropies, says he especially admires CUNY's commitment to diversity and scholarship support.

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Information from: The New York Times, http://www.nytimes.com