#Chicago suntimes update#

“For the first time, we get to talk about a future. The group Ferro brought together reportedly lost $80 million. Wrapports, an investor group led by tech entrepreneur Michael Ferro, bought the paper for about $20 million in 2011, then sold it for $1 in 2017 to a group that included wealthy Chicagoans and unions. The paper filed for bankruptcy protection in 2009, and a group of businessmen bought the paper later that year, paying $5 million and assuming $20 million in debt. It took its current form in 1948, when the Chicago Sun, founded by department store heir Marshall Field III, merged with the Daily Times. The paper has endured a succession of owners and financial struggles for some time. “We were certainly in the lion’s den as it relates to that.” “I’m happier than I’ve been professionally over the last five years given the doom and gloom (in the industry),” she said on the panel. The Sun-Times and WBEZ have collaborated on more than 100 news stories since the acquisition, including primary coverage, an investigation on water debt and more. Nykia Wright, CEO of the Sun-Times, said she is feeling optimistic about the future. Earlier this year, The Chicago Reader made the transition, too. Today, the Hyde Park Herald announced it had completed its merger with the nonprofit South Side Weekly. Legacy news organizations around the country are increasingly converting to nonprofit status in search of financial viability. Moog expects to end the year with about 360 total roles. The majority of open roles are in the newsrooms and on the audience team. They’ve hired 32 so far this year, and 30 open positions are posted, Moog said. The organizations have also been on a hiring spree this year and do not expect to slow down. Chicago Public Media raised $61 million to finance the no-cash deal to acquire and invest in the paper, but a membership program would supply steady funding. Moog said that in a typical public media funding model about 20% comes from corporate sponsorship, 20% comes from philanthropic foundations and major individual donors, and 45% of revenue comes from members-WBEZ has about 87,000 members. Moog said the goal is to reach 100,000 digital members over the next five years. The membership program is still in development, a WBEZ spokeswoman said, and declined to share details on timing. “We’re going to drop the paywall of the Chicago Sun-Times and launch a membership program that will count on voluntary contributions to support the journalism.” “One of the major initiatives we have that we know has some risk associated with it but we’re very committed to is to roll out a membership program,” he said. Almost 200,000 people are either members or subscribers, and Moog said there’s an opportunity to build on that. Together, their content reaches about 2 million people in Chicago.

#Chicago suntimes update#

Executives of the paper and radio station spoke earlier this week on a panel hosted by Northwestern University’s Medill School of Journalism and gave an update on how the two organizations have been doing since joining forces.Ĭhicago Public Media CEO Matt Moog said the organizations have been collaborating on stories and building readership.