After years of heavy financial losses, The Salt Lake Tribune is pursuing federal approval to become a nonprofit operation sustained by donations large and small.

Owner Paul Huntsman, who bought Utah's largest newspaper in 2016, confirmed his lawyers have approached the IRS about changing The Tribune from a privately owned business to a community asset.

The wealthy businessman said he sees the transformation as the best way to sustain the Pulitzer Prize-winning newspaper and maintain its independence.

Though in its early stages, the move by the 148-year-old publication would mark the first attempt by a legacy U.S. daily to switch to nonprofit status and comes as hundreds of print outlets across the country are strained due to plunging advertising revenues.

In a twofold strategy, attorneys have already sought IRS approval to create an endowed nonprofit foundation to support independent journalism in Utah, with The Tribune as a major recipient of its largesse. The newspaper will also pursue its own nonprofit status as a 501(c)(3), in effect transferring its ownership from Huntsman to a public board. The newspaper currently cannot legally accept tax-deductible donations.