Washington, D.C., businessman Mark Ein says he plans to buy the Washington City Paper.
Ein, a venture capitalist and philanthropist, has made a "commitment to the paper's sustainability over the long-term," according to a news release.
Alexa Mills will stay on as chief editor of the alternative weekly publication. The paper's current publisher Eric Norwood will stay on until the paper works to find a new publisher.
The terms of Ein's purchase will not be disclosed, according to the release, and the deal is expected to close the first week of January.
“Every thriving community needs strong local news, and Washington City Paper has been a critical part of the fabric of our city, and a great incubator of journalistic talent, for decades," Ein said. "With a talented staff and the support of our initial groups of respected journalistic veterans and business and civic leaders, I want to do everything I can to insure that the City Paper continues producing great journalism and responsible local news for decades to come.”
Ein has formed two groups to re-energize the paper. One group includes journalists including, CNN anchor Jake Tapper, author and journalist Ta-Nehisi and Pulitzer Prize winning journalist Kate Boo.
Another "Friends of Washington City Paper" group includes business and civic leaders such as Monumental Sports & Entertainment founder and CEO Ted Leonsis, D.C. chef José Andrés and former D.C. mayor Anthony Williams.
Ein is the founder, Chairman and CEO of Venturehouse Group, LLC and Capital Investment Corp IV. He is also the founder and owner of the Washington Kastles tennis team.
He is involved in several charitable organizations and serves as chairman of the DC Public Education Fund. Ein has also won the Jefferson Award and Washington DC Business Leader of the Year, among other awards.