Backed by $61 million from foundations and individuals, the Chicago Sun-Times on Monday became part of the parent company of public radio station WBEZ in a venture setting out to strengthen local journalism despite steep losses in traditional revenue sources.
With the closing of the noncash sale of the Sun-Times to Chicago Public Media, the newspaper becomes a nonprofit for the first time in its history. Executives said the philanthropy is pledged over five years and will help the Sun-Times broaden its reporting, expand digitally and maintain its print product.
