Social Finance has launched a local-news investment fund with $21 million in initial commitments, backed by the MacArthur and Knight foundations and partners including Press Forward. The fund is intended to provide flexible capital to U.S. news organizations seeking sustainable sources of revenue.
In explaining the initiative, Social Finance says newsrooms often struggle to obtain financing to test and expand business strategies. The fund could support approaches such as digital advertising, events, membership pricing and targeted newsletters.
The initiative brings impact investing to an industry increasingly reliant on philanthropy. Its stated goal is to help news organizations demonstrate viable business models and attract additional investment over time.
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