A couple of weeks ago, the Chicago Public Media board approved the merger with the Chicago Sun-Times, now the union between the two is complete.
Under terms of the deal, the newspaper now becomes a subsidiary of the radio station. In a statement shared by Inside Radio, Chicago Public Media did not disclose the price for the Sun-Times.
Nonetheless, the radio station states that it received pledges of $61 million from nearly a dozen philanthropies and donors who “share a belief in journalism’s critical role in informing the public, strengthening local communities, and safeguarding democracy.”
“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,” Chicago Sun-Times CEO Nykia Wright said.
According to the Chicago Public Media, the merger will create one of the nation’s largest local nonprofit news organizations. Furthermore, the radio station and newspaper will reach more than two million people a week in the Chicago area across broadcast, print, and digital channels.
When it comes to the funding, Chicago Public Media says it’s “mostly pledged over a five-year period,” which is directed towards keeping and building the Sun-Times’ print and digital products. Also, the company will use it to cover the finances needed to support collaboration between the two newsrooms.
“The response from the philanthropic community has been tremendous,” Chicago Public Media CEO Matt Moog stated.
“With their support, our talented team will tell the stories that matter and serve more people than ever before with human-centered, solutions-oriented journalism. We aim to connect Chicagoans more deeply to each other, to their communities, and to the issues and solutions that shape their lives.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
