Newseum Launches “Full-Blown Review of its Long-Troubled Finances”, Reports The Washington Post

Jeffrey Herbst, president and chief executive of the Newseum, “stepped down suddenly on Monday as the museum’s board announced a full-blown review of its long-troubled finances,” reports The Washington Post, which added that the review “could result in the sale of the landmark building on Pennsylvania Avenue, according to a statement from the Freedom Forum, the creator and primary benefactor of the Newseum.

“The Newseum will remain open while the financial review takes place, the statement said. One of Washington’s most popular museums, the Newseum is devoted to free expression and the First Amendment.

“The museum moved from Arlington to downtown Washington in 2008. Over the past 20 years, the statement said, the Freedom Forum has provided more than $500 million to build and fund the Newseum.

““Despite these gifts, and the generous support of many individuals, foundations and companies, the Newseum has not been able to become self-sustaining,” it said.”

Herbst was named to the Newseum’s top position in July 2015. For the five previous years, he was president of Colgate University, stated The Post.