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One would think a progressive leftist media organization would thrive under a Republican administration.
The Daily Beast reported Monday morning that ThinkProgress, one of the most well-known leftist outlets, has started to face a major financial crisis as it expects “a roughly $3 million gulf between revenue and expenses for 2019.”
It does not help ThinkProgress that it has never generated revenue, but relied on “fundraising efforts and funds from its mothership entity, the Center for American Progress (CAP).” The Daily Beast continued:
According to the document, advertising revenue is projected to fall $350,000 short of what was budgeted this year, and online contributions are expected to fall short by nearly $180,000. The site is projected to have about $64,000 in grant revenue (money derived from donations to CAP and meant for coverage by ThinkProgress) in 2019. That’s roughly $60,000 short of what it had budgeted for the year and roughly $540,000 less than it received in 2018.
In the face of these falling revenue streams, ThinkProgress has seen payroll drop by 12 percent from its peak level in 2019 and “salary growth” by 5 percent, according to the document. Among those leaving is the site’s managing editor, Tara Culp-Ressler, who announced her departure last week.
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