The boards of Chicago Public Media and the Chicago Sun-Times have voted to approve Chicago Public Media’s purchase of the daily newspaper.
The deal is expected to close on January 31. The radio station operations of Public News/Talk 91.5 WBEZ, Urban Alternative “Vocalo 91.1” W216CL/WBEZ-HD2 and 89.5 WBEW Chesterton IN, and Jazz 90.7 WRTE Chicago will remain separate from the newspaper with their own newsrooms, staff and editorial independence. Current Sun-Times CEO Nykia Wright will remain, but now report to Chicago Public Media CEO Matt Moog.
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.
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.
“I’m 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’s most respected news organizations in our city and our region,” said Chicago Public Media Board Chair Piyush Chaudhari.
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.
“This is an important step to grow and strengthen local journalism in Chicago,” said Matt Moog, CEO of Chicago Public Media. “A 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.”
“This 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,” said Nykia Wright, CEO of the Chicago Sun-Times. “We 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.”
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.
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.
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’s 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.
Today’s milestone is a recognition of the leadership, vision, and investments made in recent years under the Sun-Times’ current ownership to stabilize and improve the once-struggling newspaper.
“I am extremely proud of the work that the Chicago Sun-Times’ team has done to make the paper an attractive partner to Chicago Public Media,” said Jorge Ramirez, Chair of the Chicago Sun-Times’ Board under its current ownership. “Today’s milestone is a testament to their work and how far the business has come. We should all be grateful to the paper’s 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’ team.”
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.
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’ investor Michael Sacks helped secure the agreement to transfer the Sun-Times’ 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.
“We are extraordinarily grateful to the foundations and individuals who have shown their support, especially at this urgent time for local journalism,” said Moog. “Their investment will enable us to develop a sustainable digital news membership model of community-supported local news.”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.
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 – broadcast, print, websites, podcasts, newsletters, mobile apps, social media, and community engagement and live events.
Moog noted that WBEZ and Sun-Times’ partnership complements Chicago’s thriving culture of editorial collaboration, innovation, and cooperation.
“We 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’s diverse communities,” he said. “Moving forward with a spirit of collaboration will allow us to share and amplify our city’s journalism on behalf of the Chicago residents we all serve.”
Original Report 9/29/2021: Chicago Public Media has signed a non-binding letter of intent to acquire the Chicago Sun-Times.
Pending a final agreement, Chicago Public Media would purchase the daily newspaper where it would join Public News/Talk 91.5 WBEZ, Urban Alternative “Vocalo 91.1” W216CL/WBEZ-HD2 and 89.5 WBEW Chesterton IN, and Jazz 90.7 WRTE Chicago under the non-profit ownership.
Chicago Public Media also announced that it has removed the interim title from Chief Executive Officer Matt Moog, giving him the permanent leadership reins a year after taking the role. Moog served on CPM’s Board of Directors for eleven years and has previously served as CEO of PowerReviews, Q Interactive, Wavetable Labs and Executive Chairman of Pocket Casts.
In an interview with WBEZ, Moog stated that the purchase would come from major philanthropic organizations and public support. He does not expect there to be any layoffs from either company upon completion of the deal, which they hope to complete by the end of the year. The deal would see WBEZ and the Sun-Times share content from both newsrooms across broadcast, print, podcasts and public events.
Today Chicago Public Media, Chicago’s largest public media organization and home to NPR news source WBEZ Chicago, and the Chicago Sun-Times, the “hardest-working paper in America” and Chicago’s oldest continuously published daily newspaper in the city, announced they have signed a non-binding letter of intent while they explore joining together as one organization to grow and strengthen local journalism in Chicago.
Upon reaching a final agreement, Chicago Sun-Times would become a subsidiary of Chicago Public Media, to create one of the largest local nonprofit news organizations in the nation and be a national model for the future of local journalism. The two news brands, WBEZ and Sun-Times, would continue to serve their respective audiences.
“This opportunity arrives at an urgent time for local journalism, as newsrooms across the country and in our own region are being diminished or disappearing altogether amid significant disruption in traditional news business models,” said Matt Moog, interim CEO of Chicago Public Media. “Local journalism has never been more important, nor has it ever been at greater peril, and this has the potential to be both a light and a hope for Chicago news. Community-centered, independent, inclusive and representative, fact-based journalism is a public good that contributes to a healthy democracy and stronger communities.”
Chicago Public Media and the Chicago Sun-Times are exploring this opportunity with a shared vision of making a deeper impact on millions of Chicagoans by investing in local journalism. This combination would create and secure growth opportunities for journalists and staff.
“Chicago is an innovator in and across many industries. Nothing precludes it from being an innovator in journalism, too, and I am excited about the chance to establish a new model of local journalism in Chicago for many years to come,” said Nykia Wright, CEO of the Chicago Sun-Times. “This would allow us to invest in our people, improve the news products we create, and strengthen our digital future.”
As one organization, Chicago Public Media and the Chicago Sun-Times would invest in journalism through expanded capacity to better serve Chicago; expand and engage with diverse audiences throughout the region; and expand digital capabilities to deliver a compelling digital experience across platforms and reach audiences where they are. Once together, the Chicago Sun-Times and WBEZ would reach millions of Chicago area residents, connecting them to each other and to the news that impacts their communities.
“Chicago Public Media’s mission is ‘to serve and inform the public and connect diverse audiences by telling stories that matter, that provoke thought, entertain, capture emotion and inspire action,’” said Tracy Brown, chief content officer for Chicago Public Media. “Together we will better serve our mission with journalism that is human-centered, solutions-oriented and transformational, but reach more people whose lives our work greatly impacts. We talk a lot about building a more empathetic Chicago. This is an opportunity to do just that.”
As leading news brands in Chicago with dedicated and loyal audiences, WBEZ and the Chicago Sun-Times would broaden their impact by sharing content from both newsrooms across more platforms – broadcast, print, websites, podcasts, newsletters, mobile apps, social media, and community engagement and live events.
Along with appealing directly to the audience to support local nonprofit journalism through donations, Chicago Public Media will partner with philanthropic organizations and individuals to seek their support, Moog noted.
In addition to Sun-Times investor Michael Sacks, other organizations who have stepped forward with early and enthusiastic support are the John D. and Catherine T. MacArthur Foundation and the Pritzker Traubert Foundation.
“This will be a new model of local nonprofit journalism, and we anticipate support for this initiative through the generosity of philanthropy, individuals and organizations who share the same belief in journalism’s role in having an informed citizenry, connected community and healthy democracy,” said Moog.
“The primary goal of every Sun-Times investor has been to strengthen and secure the future of the paper. The right transaction with Chicago Public Media can do that by creating a strong and sustainable Sun-Times for the journalists and for Chicago,” said Jorge Ramirez, Chairman of the Board of the Chicago Sun-Times. “The current ownership remains committed to the Sun-Times and is proud of the progress that the Sun-Times has made. A successful partnership with Chicago Public Media would further secure the future and the Board would be pleased to see that happen.”
The letter of intent was approved by Chicago Public Media’s Board of Directors and follows rigorous exploration by its Board of Directors and leadership, as well as the Chicago Sun-Times’ owners and management team, that will continue through the diligence process prior to any transaction taking place. The Lenfest Institute for Journalism has served as a probono advisor to Chicago Public Media.
As part of this news, the Chicago Public Media Board of Directors is naming Moog as CEO of Chicago Public Media, effective immediately, and Wright will remain CEO of the Chicago Sun-Times.
“The Chicago Public Media Board of Directors is overwhelmingly supportive and deeply enthusiastic about this partnership,” said Board Chair Piyush Chaudhari. “It is truly a once-in-a-generation opportunity to create an essential new asset for Chicago – bringing together two of the city’s most respected news organizations to establish a new model of local nonprofit journalism that is entirely focused on serving the public good here in Chicago and our region.”
