A wealthy San Francisco financier is putting up $5-million to start a nonprofit journalism venture that could offer stiff competition to the Bay area’s struggling dailies, reports the Associated Press.

Warren Hellman said the project was prompted in part by reports that the Hearst Corporation planned to sell or close the San Francisco Chronicle.

The organization will employ a full-time staff and share news coverage with local public-radio station KQED. It is also “fairly far along” in talks to provide material to The New York Times, Mr. Hellman said.