In a candid statement on their official website, the Newseum, a Washington, D.C. museum dedicated to the history of journalism and media, announced that they would be closing permanently at the end of 2019.

"After more than 11 years and nearly 10 million visitors, the Newseum will close on Dec. 31, 2019," the announcement stated. "Thank you to everyone who has visited, especially the members, donors and Founding Partners whose support made it all possible."

The statement also addressed the primary motivation for closing the museum as financial.

"We know visitors love the Newseum ... but it has struggled financially for a number of years and continuing to operate in our current location has proven unsustainable."

The Newseum building is located on Pennsylvania Avenue, steps from the National Mall and the White House in the high-end Penn Quarter neighborhood. The 250,000 square foot building cost an estimated $450 million to construct and opened its doors in 2008. The museum is primarily funded by the Freedom Forum, which operated a version of the Newseum in Arlington, Virginia until construction of the D.C. location was complete.

Though the price per ticket averaged over $20 throughout the course of its operation and the museum was a popular tourist destination, the Newseum was known to struggle to keep up with the expensive building. It was sold to Johns Hopkins University in January of this year for an estimated $372.5 million.

"The Freedom Forum, creator and primary funder of the Newseum, remains committed to continuing its mission to champion the five freedoms of the First Amendment and to increase public awareness about the importance of a free and fair press," the statement said in conclusion.