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Newseum considers selling its building

A new financial review has begun since the President and CEO of the Newseum stepped down

In 2008, the Newseum relocated from Rosslyn, Virginia, to its current location at 555 Pennsylvania Avenue NW in Washington, D.C. According to Washington Business Journal, the museum may be considering moving again.

Because the Newseum President and CEO Jeffrey Herbst stepped down, the museum’s board has begun a full financial review of the museum. This may result in the sale of the building. During this review, the museum will remain open.

With annual operating costs exceeding revenues, the museum’s main benefactor and building owner, known as The Freedom Forum, said in a statement, “It has become obvious that the current model—where the Freedom Forum is the primary funder of the Newseum—cannot continue indefinitely at this level.”

The statement continues, “Left unchecked, this deficit spending rate would eventually drain the Freedom Forum’s entire endowment, and the annual cash drain prevents us from allocating any new capital to First Amendment programs that are at the heart of our educational mission.”

Since 2009, the museum has had four staff reductions, as reported by Washington Business Journal. There have been no reports on the reason for Herbst’s leave.

Newseum considering outright sale of its Pennsylvania Avenue home [Washington Business Journal]

Newseum

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