Liberal think tank Center for American Progress (CAP) is selling its news site ThinkProgress, the organization confirmed Monday.

Members of the staff were notified Monday that CAP is searching for a new publisher for the site, according to an emailed statement from executive director Navin Nayak.

"Unfortunately, like so many other news outlets that have relied on advertising to fund its work, ThinkProgress has seen a significant drop in revenue in recent years, along with other financial strains. In addition, events over the last few years have underscored the divergent missions of American Progress and ThinkProgress," Nayak said.

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The sale was first reported by The Daily Beast.

"This is a tough decision since ThinkProgress has been a part of CAP Action almost since its founding. While ThinkProgress' financial challenges are unsustainable for an organization like CAP Action, we are hopeful that there are publishers who would be better able to support ThinkProgress' mission and better positioned to maximize the significant value ThinkProgress has built up," Nayak said.

Earlier this month, The Daily Beast reported ThinkProgress was facing a $3 million gulf between revenues and expenses in 2019, based on internal documents.

ThinkProgress was never profitable but had previously made up shortfalls with contributions from CAP and its donors.

CAP is reportedly set on finding a buyer that will support the ThinkProgress "mission."

"Our ideal outcome is for ThinkProgress to continue the important work done by its journalists under the auspices of a new entity," Nayak said.