Chicago Public Media is set to acquire the Chicago Sun-Times — a move that could create one of the largest nonprofit news organizations in the nation.
"This acquisition is about preserving and strengthening local journalism in Chicago and ensuring that the Sun-Times is positioned for a strong future," current investors spokesperson Becky Carroll told Axios Wednesday. "Investors were focused on bringing the paper back from the brink and putting it in a healthy financial position. Their work is done and now it’s time for a new chapter.
“I am proud to have played a part in securing the future of the Chicago Sun Times and, by doing so, honoring the paper’s past," current investor Michael Sacks said.CPM says the two newsrooms will operate separately with "their own editors and editorial independence," but that they will share content across platforms.
The same CPM statement announced that each organization will conduct "a nationwide search" for executive editors to lead each newsroom.Metro newspapers are increasingly being spun out as nonprofits so that they can solicit philanthropic donations from their local communities.to a Maryland-based nonprofit as a part of a hedge fund takeover of Tribune Publishing last year.by their billionaire owner HF “Gerry” Lenfest in 2016.
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