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Newseum Explores Sale Of Building

The Newseum in Washington, DC has been a huge money pit from the second in opened its doors almost a decade ago. 

Next week, executives at the struggling Newseum will meet with a top real estate firm to explore options that include selling their building or moving to another location.

“The plan is to continue to have the Newseum in some capacity, here or perhaps elsewhere,” said Chief Operating Officer Scott Williams. 

The Washington Post writes that the survival of the Newseum — which charges one of the city’s highest museum entrance fees at up to almost $25 per person — has long been in doubt as it has sought to compete for visitors and donors in a capital awash in free cultural institutions. In 2016, the museum operated at a substantial loss, spending $8.2 million more than the $55.7 million in revenue it generated, according to previously unreported tax documents. That was more than triple the shortfall from the previous year. The museum has posted an annual deficit every year since it opened in its current location, tax records show.

“It’s a slow-motion disaster,” said a person familiar with the museum’s inner workings and finances who commented on the condition of anonymity to speak frankly about nonpublic matters.

If you have never been to the Newseum, you might want to go soon (or just save the $25) because we have a feeling, it won't be around much longer. 


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