The American Prospect survives its funding crisis

the-american-prospect-cover.jpgThe liberal policy and politics magazine in Washington says it received a grant this week that pushed recent donations over $1.2 million, ensuring continued operation for now. The magazine needed to cover an immediate $500,000 funding gap and another $700,000 for the budget through 2012. "I'm pleased and relieved," editor Kit Rachlis told the Huffington Post. "But that doesn't mean Jay Harris, the publisher, and I don't have hard work to figure out next year's budget and figuring out a sustainable business model for the Prospect so that it doesn't face this type of crisis ever again." Rachlis also said the journal's two-year writing fellows program for young journalists will continue.

Rachlis, named editor of the magazine in February 2011, is the former editor of both Los Angeles magazine and the LA Weekly, and a former senior editor at the Los Angeles Times. Another longtime LA journalism figure, Harold Meyerson, is also at the American Prospect these days. The magazine just this week ran a long piece on the street vendors of MacArthur Park by Jesse Katz, another LA writer.

Previously on LA Observed:
The American Prospect may be on the ropes

More by Kevin Roderick:
LA Observed Notes: 60 Minutes, selling the Coliseum and more
Gil Cedillo, Nick Melvoin win LA runoffs*
LA Observed Notes: Baca goes down, LAX shuffle, media moves
LA Observed Notes: Big TV news, media moves, obits and more
LA Observed Notes: Writers on the verge, Fox, the riots and more
Recent Magazines stories on LA Observed:
Mary Melton exits as Los Angeles Magazine sold
Media notes: Nikki Finke going to Harvard, local Ellies and more
Janice Min leaving THR, Matthew Belloni upped
Read the LA Times response to Los Angeles Magazine's piece
LA Magazine says editor Davan Maharaj is what's wrong with the LA Times*
Brian Lowry to CNN and more media notes
How TMZ and Harvey Levin get the dirt
LA's breast fixation and more greatest hits from Los Angeles Mag


LA Observed on Twitter