Wednesday, July 3, 2019

Think Tank CAP Selling Its News Site

Here is more from Daily Beast:

ThinkProgress, the flagship news site of the Democratic think tank Center for American Progress, is up for sale. 
Staff were informed on Monday afternoon that the site would be sold off and a CAP official told The Daily Beast that the organization would begin looking for prospective buyers for the website, which has come under severe financial strains during the Trump era.
“Unfortunately, like so many other news outlets that have relied on advertising to fund its work, ThinkProgress has seen a significant drop in revenue in recent years, along with other financial strains. In addition, events over the last few years have underscored the divergent missions of American Progress and ThinkProgress,” said Navin Nayak, executive director of the Center for American Progress Action Fund.
Launched 14 years ago during the height of the Bush administration, ThinkProgress made a name for itself over time as an unapologetically progressive source of news and a launching pad for several major progressive luminaries. But the site, which is editorially independent from CAP, has struggled in recent years as advertising revenues have dried up and traffic has dipped.
 ThinkProgress has never been profitable. In the past, it has made up its shortfalls with contributions from CAP and CAP donors. Several ThinkProgress alums told The Daily Beast that they believed that CAP could continue covering the deficit but had concluded that the site was too much of an editorial headache and too big a financial drain for them to rationalize doing so. 
 Despite its troubles, ThinkProgress continues to be a strong draw for progressive readers, with more than 12 million pageviews and 7.5 million unique visitors in June 2019 alone, a CAP official said. 

Last month, it was reported that ThinkProgress had been bleeding money and staff.