Across the globe, public interest media are under growing strain due to failing business models, declining advertising revenues, and intensifying political pressures. In response to the need for sustainable solutions, a new report titled Catalysing Private Capital: Financing the Future of Public Interest Media explores how private capital can play a complementary role alongside traditional donor funding. The report emphasizes that while private sector investment alone cannot save journalism, it is essential to engage new actors and deploy innovative financing models that support journalism’s evolving role in solving societal challenges, particularly for marginalized communities.
The report draws on interviews and case studies to assess both the demand and supply sides of media financing. On the demand side, it explores how to build investable public interest media enterprises. On the supply side, it identifies financial instruments best suited to different economic and political contexts. It highlights the need for journalism that goes beyond preserving current industry structures and instead prioritizes new approaches and ventures that foster democratic participation and community problem-solving.
Published by International Media Support (IMS), the report builds on previous work such as Where is the money?—a global analysis of funding for public interest media—and the Entrepreneurial Journalism Playbook, which outlines strategies for media organizations to attract investment. IMS also plays an active role in initiatives like the Media Viability Manifesto and engages with networks such as the Global Impact Investing Network (GIIN) and Philea Philanthropy Europe Association to explore pathways for investment in the sector.
Key insights include the challenges faced by small and medium-sized media outlets, especially in low- and middle-income countries, which often lack the scale to transition away from grant-based funding. The report underscores the importance of designing funding models that can offer repayable investments while maintaining impact goals. Mission-driven private capital, when structured appropriately—such as through blended finance—can support scalable media ventures that are ready to grow or transition from dependency on grants.
The report calls for a shift from a purely philanthropic funding landscape to one that integrates mission-driven private capital. Achieving this shift requires a reconfiguration of stakeholders, including the engagement of incubators, accelerators, and tailored investment products that meet the specific needs of media organizations. It identifies several strategies for building a more robust financing ecosystem: strengthening pipelines of investable media, creating concessional capital vehicles, incentivizing fund managers, developing regional investor support structures, and facilitating private capital exits.
Donor funding still plays a crucial catalytic role, particularly in absorbing initial risk and enabling the development of new financial products. IMS is exploring how to unlock local capital markets and leverage community, private, and government funding through localized, trust-based partnerships. Traditional donor support can be instrumental by providing first-loss capital or credit guarantees, which help attract more risk-averse private investors.
The report also highlights the persistent gap in financing for “the missing middle”—media that are too small for mainstream investment but too ambitious for perpetual grant dependence. It suggests that local, grassroots momentum is growing for more sustainable financial models and that IMS is well-positioned to facilitate dialogue and collaboration between key actors, including local banks, civil society, and media enterprises. This includes drawing on data from tools like Project Oasis Global, which helps track media viability across markets.
By leveraging decades of experience in capacity development, IMS aims to support micro and small media enterprises in contributing to economic development and local livelihoods. The report concludes by acknowledging the critical support of partners such as the Center for International Media Assistance, the Center for International Private Enterprise, the Media Development Investment Fund, and numerous experts who contributed to its development. Together, their efforts represent a collective push toward a more resilient, scalable, and inclusive future for public interest media.
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