Subs, Philanthropy Drove Baltimore Banner to $13M Revenue in 2024

Bob Cohn

The Baltimore Banner, a two-year nonprofit news outlet, has racked up about $13 million in revenue this year, driven by subscription revenue and philanthropy, Adweek reported.

About 45% of its revenue came from user subscriptions, while advertising accounted for over a third. The rest came from donations.

Local businessman Stewart W. Bainum, chair of Choice Hotels International, launched the Banner with a $50 million pledge after failing in a bid to acquire The Baltimore Sun, which is controlled by hedge fund Alden Global Capital.

Banner CEO Bob Cohn told Adweek subscriber count grew more than 50% to nearly 55,000 by the end of the year, while philanthropy revenue jumped 75%.

“We had aggressive goals going into the year and we are beating them,” Cohn said. “I’m very happy with how we’re ending the year.”

With 85 reporters — out of a total staff of 125 — the Banner already has the largest newsroom in Maryland, Adweek said.

“We already think of ourselves as Maryland’s news source,” Cohn said. “And across the board, our journalism is only getting stronger.”

The website has about 1.5 million monthly readers, and about 200,000 active email users, according to Cohn. It has focused on news around Baltimore City but expects to broaden its coverage to neighbouring counties in 2025.