{"id":32116,"date":"2022-01-18T21:40:03","date_gmt":"2022-01-19T03:40:03","guid":{"rendered":"https:\/\/www.robertfeder.com\/?p=32116"},"modified":"2022-01-19T00:16:50","modified_gmt":"2022-01-19T06:16:50","slug":"chicago-public-media-approves-historic-partnership-wbez-sun-times","status":"publish","type":"post","link":"https:\/\/robertfeder.dailyherald.com\/2022\/01\/18\/chicago-public-media-approves-historic-partnership-wbez-sun-times\/","title":{"rendered":"Chicago Public Media approves 'historic partnership' for WBEZ, Sun-Times"},"content":{"rendered":"
\"\"<\/a>

Chicago Sun-Times\/WBEZ Chicago<\/p><\/div>\n

The parent company of public radio station WBEZ 91.5-FM<\/a> is moving forward on plans to acquire the Chicago Sun-Times<\/a> \u2014 a merger designed to assure survival of the money-losing newspaper while creating one of the nation\u2019s largest nonprofit local news organizations.<\/p>\n

The board of Chicago Public Media<\/a> voted Tuesday to approve the deal, which was first disclosed here<\/a> in September. The merger is expected to be finalized by January 31.<\/p>\n

Financial terms were not disclosed, but major funding is expected from Michael Sacks, lead investor in the Sun-Times, along with the John D. and Catherine T. MacArthur Foundation and the Pritzker Traubert Foundation.<\/p>\n

\u201cI\u2019m deeply grateful to the Chicago Public Media board of directors for their work in leading us to this milestone,\u201d board chair Piyush Chaudhari said in a statement. \u201cThis new venture will be on its best path forward as we bring together two of Chicago\u2019s most respected news organizations in our city and our region.\u201d<\/p>\n

According to the announcement, WBEZ and the Sun-Times \"will continue to serve their respective audiences, and the newsrooms will operate separately with their own editors and maintain their editorial independence.\"<\/p>\n

As a nonprofit subsidiary of Chicago Public Media, the Sun-Times will be governed by its own nonprofit board. In order to comply with IRS regulations, the newspaper will no longer endorse political candidates,<\/a> but \u201cnews coverage and investigations of public officials would be unaffected,\u201d the Sun-Times reported.<\/p>\n

Here is the text of the joint announcement released Tuesday:<\/strong><\/p>\n

Chicago Public Media Board of Directors Votes to Move Forward with Chicago Sun-Times\u2019 Acquisition<\/em><\/p>\n

Chicago Public Media and Chicago Sun-Times reach milestone in plans to join together as one local nonprofit news organization<\/em><\/p>\n

CHICAGO (January 18, 2022) \u2013 In a special board meeting held this evening, the Chicago Public Media Board of Directors voted to move forward with the acquisition of the Chicago Sun-Times. The organizations expect to close the transaction by January 31. <\/em><\/p>\n

This news follows a fall 2021 announcement that the organizations had signed a non-binding letter of intent for the Chicago Sun-Times to become a subsidiary of Chicago Public Media, creating one of the largest local nonprofit news organizations in the nation and emerging as a national model for the future of local journalism. <\/em><\/p>\n

\u201cI\u2019m deeply grateful to the Chicago Public Media Board of Directors for their work in leading us to this milestone. This new venture will be on its best path forward as we bring together two of Chicago\u2019s most respected news organizations in our city and our region,\u201d said Chicago Public Media Board Chair Piyush Chaudhari. <\/em><\/p>\n

Under the banner of Chicago Public Media, WBEZ and the Chicago Sun-Times will reach more than 2 million people a week in the Chicago area across broadcast, print, and digital channels.<\/em><\/p>\n

\u201cThis is an important step to grow and strengthen local journalism in Chicago,\u201d said Matt Moog, CEO of Chicago Public Media. \u201cA vibrant local news ecosystem is fundamental to a healthy democracy, informed citizens, and engaged communities. Together WBEZ and the Chicago Sun-Times aim to tell the stories that matter, serve more Chicagoans with our unbiased, fact-based journalism, and connect Chicagoans more deeply to each other and to their communities.\u201d <\/em><\/p>\n

\u201cThis is an extraordinary opportunity for our collective news community and for the future of the hardest working paper in America, which counts some of the best storytellers in Chicago among its ranks,\u201d said Nykia Wright, CEO of the Chicago Sun-Times. \u201cWe are excited about the possibilities that lie ahead for this unique model of nonprofit news and raising the bar for supporting, preserving, and strengthening local journalism.\u201d <\/em><\/p>\n

As a subsidiary of Chicago Public Media, Moog will continue to lead Chicago Public Media as CEO, and Wright will remain CEO of the Chicago Sun-Times, reporting to Moog and joining the Chicago Public Media executive leadership team.<\/em><\/p>\n

Chicago Public Media will establish a nonprofit board for the Chicago Sun-Times with a slate of directors including Moog, current Chicago Public Media Board directors Adrienne King of Bain & Company and Lerry Knox of Sovereign Infrastructure Group (SIG), and Kristen Mack of the John D. and Catherine A. MacArthur Foundation and Aretae Ortiz Wyler of The Atlantic as independent board members. <\/em><\/p>\n

Both WBEZ and the Chicago Sun-Times will continue to serve their respective audiences, and the newsrooms will operate separately with their own editors and maintain their editorial independence. Tracy Brown continues as Chicago Public Media\u2019s Chief Content Officer. And, in collaboration with Koya Partners, an executive search firm focused exclusively on mission-driven leadership, WBEZ and the Chicago Sun-Times each will launch a nationwide search for an Executive Editor to lead their respective newsrooms. <\/em><\/p>\n

Today\u2019s milestone is a recognition of the leadership, vision, and investments made in recent years under the Sun-Times\u2019 current ownership to stabilize and improve the once-struggling newspaper.<\/em><\/p>\n

\u201cI am extremely proud of the work that the Chicago Sun-Times\u2019 team has done to make the paper an attractive partner to Chicago Public Media,\u201d said Jorge Ramirez, Chair of the Chicago Sun-Times\u2019 Board under its current ownership. \u201cToday\u2019s milestone is a testament to their work and how far the business has come. We should all be grateful to the paper\u2019s current investors for finding the best path forward from the perspective of all of the constituents of the Sun-Times. This innovative partnership honors the valuable and important role the paper has played and ensures a bright future for the paper and the Sun-Times\u2019 team.\u201d <\/em><\/p>\n

Community support of local nonprofit news organizations, whether through individual memberships or philanthropy, will help local journalism grow and thrive amid changing media habits, misinformation, and changes in commercial media that can limit access to unbiased, non-partisan quality news and information. <\/em><\/p>\n

As was shared in fall 2021, Chicago Public Media has sought significant philanthropic support for this historic partnership with the Chicago Sun-Times. Sun-Times\u2019 investor Michael Sacks helped secure the agreement to transfer the Sun-Times\u2019 assets and resources to Chicago Public Media, while also committing significant future financial support. Early leading funders also include the John D. and Catherine T. MacArthur Foundation and the Pritzker Traubert Foundation; additional donors will be announced upon closing. <\/em>
\n\u202f <\/em>
\n\u201cWe are extraordinarily grateful to the foundations and individuals who have shown their support, especially at this urgent time for local journalism,\u201d said Moog. \u201cTheir investment will enable us to develop a sustainable digital news membership model of community-supported local news.\u201d <\/em><\/p>\n

Together Chicago Public Media and the Chicago Sun-Times will connect with new and diverse audiences throughout the region. They will invest in digital capabilities to deliver a compelling experience across platforms and reach audiences where they are.<\/em><\/p>\n

Also, as leading news brands in Chicago with dedicated and loyal audiences, WBEZ and the Chicago Sun-Times will broaden their impact by sharing content from both newsrooms across more platforms \u2013 broadcast, print, websites, podcasts, newsletters, mobile apps, social media, and community engagement and live events.\u202f <\/em><\/p>\n

Moog noted that WBEZ and Sun-Times\u2019 partnership complements Chicago\u2019s thriving culture of editorial collaboration, innovation, and cooperation.<\/em><\/p>\n

\u201cWe hope to nurture and expand partnerships and collaborations with many of the other news outlets in Chicago, especially other independent, local news organizations that serve Chicago\u2019s diverse communities,\u201d he said. \u201cMoving forward with a spirit of collaboration will allow us to share and amplify our city\u2019s journalism on behalf of the Chicago residents we all serve.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The parent company of public radio station WBEZ 91.5-FM is moving forward on plans to acquire the Chicago Sun-Times \u2014 a merger designed to assure survival of the money-losing newspaper while creating one of the nation\u2019s largest nonprofit local news organizations. The board of Chicago Public Media voted Tuesday to approve the deal, which was... Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/32116"}],"collection":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/comments?post=32116"}],"version-history":[{"count":5,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/32116\/revisions"}],"predecessor-version":[{"id":32120,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/32116\/revisions\/32120"}],"wp:attachment":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/media?parent=32116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/categories?post=32116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/tags?post=32116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}