Liberal think tank the Center for American Progress (CAP) is its selling hyper-partisan news site ThinkProgress as the organization questions the site’s viability since it’s millions in the red.
The site, which has been affiliated with the CAP since 2005 when it was first launched, has never turned a profit and will incur about $3 million in losses this year alone, the Daily Beast first reported
It’s suffering from a steep decline in ad revenue – by about $350,000 – and has received nearly $180,000 less from online contributions.
CAP Action Fund executive director Navin Nayak penned a letter in which he announced the decision to get rid of the media property, which always insisted that it maintained editorial independence from the think tank.
“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.”
“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,” wrote in the letter, according to the Daily Beast.
“In addition, events over the last few years have underscored the divergent missions of American Progress and ThinkProgress.”
Nayak added in the letter that they are beginning a search for a new publisher and hoped it would be able to support the unprofitable site.
“For all of these reasons, we announced to the ThinkProgress staff today that we are searching for a new publisher for the news site. This is a tough decision since ThinkProgress has been a part of CAP Action almost since its founding,” he said.
“While ThinkProgress’ financial challenges are unsustainable for an organization like CAP Action, we are hopeful that there are publishers who would be better able to support ThinkProgress’ mission and better positioned to maximize the significant value ThinkProgress has built up.”
The CAP is one of the leading think tanks in Washington, D.C. that reported total donations of over $50 million, according to the group’s 2017 records.
Among its 2018 donors, the group lists Bill & Melinda Gates Foundation, Ford Foundation, Chan Zuckerberg Initiative and many others as being top contributors.