Museum of Broadcast Communications granted extra year to pay mortgage – Consumer News

on Aug1

31 July 2017 | 5:00 pm


It’s a lifeline: The Museum of Broadcast Communications gets an extra year to pay down its $2.5 million mortgage held by Pepper Construction in Chicago. Bruce DuMont, the museum’s founder and CEO, confirmed the extension via email this morning. “The MBC remains optimistic about what lies ahead,” DuMont wrote, indicating that the statement would be the organization’s only comment on the issue.

The mortgage was due to be paid in December 2015, then extended to Dec. 31 of this year. The extension to 2018 gives the museum, which is not in the best financial shape, extra time to open a big money-making exhibit and/or beef up fundraising.

The museum ended 2015 with an operating deficit of $561,331, according to its 990 filing for that year, the most recent available. That year, ticket sales brought in $52,674 in revenue. DuMont has hinted at a major exhibit in the works that will draw crowds and reverse the museum’s fortunes.

DuMont, a broadcaster by trade, founded the museum 35 years ago. Since then, it has had three homes, moving into its current building, at 360 N. State St., in June 2012. A mortgage from Pepper, plus $6 million in state funding, helped build the museum.

The museum’s interim board chair is Larry Wert, president of broadcast media at Tribune Media.

Editor’s note: A previous version of this story misstated when DuMont founded the museum.

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