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There are two independent bookshops off the charming town square in Healdsburg, Calif., and local hardware stores have thrived as the community has pushed back against the encroachment of big box retailers.

The community also loves its local newspaper. When Rollie Atkinson, who owns four weekly newspapers in Sonoma County, reduced the number of print pages a couple of years ago, loyal readers “raised holy hell,” he said.

But it was a fiscal necessity: The traditional business model for newspapers, in Healdsburg and elsewhere, was failing rapidly. So as he cast about for new ideas to save the business, he was inspired by what another Northern California news outlet, the digital news site Berkeleyside, had done: raise about $1 million by selling stock to readers.

So this year, Mr. Atkinson, in what is believed to be a first for a local newspaper, began making his pitch at cocktail gatherings and dinner parties and in full-page advertisements. The so-called direct public offering — essentially a small scale I.P.O. but without investment banks — has so far raised $100,000 by selling equity. The offering lasts until next March, and Mr. Atkinson said he hoped to raise $400,000.