Non-profit Chicago news site the Chicago News Cooperative announced it is closing, NBC Chicago reported. The site, which “had partnerships” with a variety of TV news and radio programs as well as the New York Times’ Chicago edition, closed because of financial reasons, the Chicago Reader and NBC Chicago reported.
According to the Chicago Reader, the cooperative was largely funded by grants from the MacArthur Foundation and its “financial crisis came to a head last week” because the IRS “issued a ruling that compromised the level of corporate underwriting and foundation support CNC could expect in the future. According to the IRS, tax benefits that would be received for funding particular projects would be denied if the funds were simply intended to sustain the operation.”
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The cooperative’s website says it “provides public interest journalism” and that it was founded in October 2009.
The cooperative’s closing date is Feb. 26, according to the Huffington Post.