The deal for Chicago Public Media to purchase the Chicago Sun-Times has officially closed. The new organization becomes one of the largest non-profit news organizations in the country, with pledges of $61 million from nearly a dozen philanthropies and donors.
Founding donors include Sun-Times’ investor Michael Sacks, The John D. and Catherine T. MacArthur Foundation and the Pritzker Traubert Foundation.
The signed agreement will bring on additional financial resources from Builders Initiative, Chicago Community Trust, Walter and Karla Goldschmidt Foundation, the Joyce Foundation, the John S. and James L. Knight Foundation, the Mansueto Foundation, Robin Steans and Leonard Gail, and an anonymous donor.
CPM has pledged to boost its fund-raising efforts to support the Sun-Times and maintain the partnership long term. WBEZ is more than 60% listener-supported, with nearly 90,000 members making individual donations to support WBEZ’s programming and journalism.
“We are excited about what lies ahead for this unique model of nonprofit news and raising the bar for supporting, preserving, and strengthening local journalism,” said Nykia Wright, the CEO of the Chicago Sun-Times.
