Nonprofit Chicago Online Daily Going Commercial

Chi-Town Daily News, a nonprofit online newspaper, reports that it is closing and management plans to start the effort anew as a for-profit venture.

In a blog post, Geoff Dougherty, editor of the publication, wrote that after four years as a foundation-supported nonprofit organization, staff members concluded the daily cannot raise the $1-million to $2-million a year “we need to build a truly robust local news organization.” Instead it will be restructured with private investment as a new company under a new name.

“Ultimately, we believe we will be able to fulfill the same mission we set out to accomplish with the Daily News,” Mr. Dougherty said.