Freedom Forum Scaling Back; Media Group Hurt Big Stock Losses
The Freedom Forum, the Arlington-based media foundation that operates the Newseum, announced yesterday that it is scrapping its international division, closing five offices and significantly reducing staff following stock market losses that have eaten away about 30 percent of the foundation's endowment in the last two years.</br></br>Charles L. Overby, chairman and chief executive of the Freedom Forum, said in a statement that the market downturn, which has cost the foundation $300 million, forced it to "choose which priorities we will emphasize over the next several years."</br></br>In 2000, the Freedom Forum paid $100 million to the D.C. government for a property on Pennsylvania Avenue and Sixth Street NW. It plans to construct a building for foundation offices and the Newseum, a journalism history and current events museum now located near the Freedom Forum's Rosslyn headquarters.</br></br>The project also includes a restaurant, retail space and condominiums. The foundation is planning to move to its new D.C. site in 2005.</br></br>"The Freedom Forum will conduct a major reorganization this fall, designed to look ahead to our move to Pennsylvania Avenue," the statement said. "This reorganization signals the beginning of the transition to our new facility."