Chicago Public Media, which owns WBEZ, the local NPR affiliate, has bought the Chicago Sun-Times. The deal creates one of largest local nonprofit news organizations in the U.S.
Moog called the response from the philanthropic community “tremendous.” The company noted 60% of WBEZ’s support comes from listeners, with nearly 90,000 members making “mostly modest, affordable individual donations.”
While nonprofit local newsrooms remain rare in U.S. media, there has been a growing push to create them as the pressures of a declining business model force consolidation and increasing ownership by hedge funds and private equity. The Sun-Times is getting a boost as its rival, the Chicago Tribune, had dozens of staff take buyouts after hedge fund Alden Global Capital bought its owner, Tribune Publishing, last year.
Another former Tribune paper is also getting a nonprofit rival. In Baltimore, hotel mogul Stewart Bainum is launching thein the next several months with 50 hires. He had tried and failed to buy the Baltimore Sun and then its owner, the Tribune chain, before Alden eventually won it.
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