The Newseum announced Friday that it sold its building in Washington, D.C., to Johns Hopkins University for $372.5 million.
The Newseum, a museum focusing on free expression and the First Amendment, will remain open to the public for the rest of 2019 as the deal navigates regulatory approvals.
According to the announcement, Johns Hopkins will use the building as part of its D.C.-based center for its graduate programs.
{mosads}The sale resulted from a 16-month review of funding for the Freedom Forum, the journalism museum’s creator and primary funder, that included examining the Newseum’s “unsustainable operating costs.”
“The purpose of the review was to identify financially responsible solutions for the building through creative partnerships, a partial sale, leaseback scenarios, or other joint ventures. Despite those efforts, the Freedom Forum review made clear that a sale of the facility was the best path forward to enable the organization and its affiliates to continue their First Amendment-based mission,” the Freedom Forum said in a statement.
Despite attracting hundreds of thousands of visitors each year, the museum was reportedly facing funding issues. Some attribute the Newseum’s reported financial woes to charging an admission fee while neighboring Smithsonian museums are free.
The Freedom Forum has donated more than $600 million to build and fund the Newseum since it opened in 2008, the organization said in a statement.
“This was a difficult decision, but it was the responsible one,” said Jan Neuharth, chairwoman and CEO of the Freedom Forum. “We remain committed to continuing our programs — in a financially sustainable way — to champion the five freedoms of the First Amendment and to increase public awareness about the importance of a free and fair press. With today’s announcement, we can begin to explore all options to find a new home in the Washington, DC area.”
Peter Prichard, chairman of the Newseum Board of Trustees, said the Newseum would continue to operate through “digital outreach, traveling exhibits, and web-based programs in schools around the world.” The museum is also looking for a new location in the area, he said.
The Newseum is a public charity backed by individual and corporate donations.