Warren Hellman may not save the San Francisco Chronicle, as he had hoped, but he’s donating $5 million to an effort to save and improve other journalism outlets in the Bay area.

Billionaire financier F. Warren Hellman, who already underwrites an annual music festival and a free health clinic in San Francisco, has pledged to develop a new model for community journalism.

TV can be a goofy business, but this couldn’t be the script the boys in Hearst Tower had in mind when they offered $600 million a few weeks ago for the small piece of Hearst-Argyle Television they don’t already own.

A special committee of Hearst-Argyle directors advised against the deal last week, calling it “inadequate” and saying it is “not in the best interests” of stockholders, other than Hearst.