The importance of protecting and investing in independent media in times of profound global change was a prevailing theme at this year’s International Journalism Festival in Perugia.
The festival, known for convening diverse voices across the media spectrum, provided a timely platform for reflecting on the challenges facing public interest journalism—and the innovative strategies needed to sustain it.
MDIF was honoured to contribute to this dialogue through participation in four key panels, each addressing a different facet of independent media support.
In a wide-ranging conversation about “Journalism or public interest information? The funder’s next frontier”, Patrice Schneider, our Chief Strategy Officer, was joined by representatives from foundations from various philanthropic sectors—ERSTE Foundation, Allianz Foundation and Tinius Trust. The conversation centered around how philanthropy can best drive positive change, balance media sustainability with innovation, and foster a more informed, engaged public. Emphasizing the need for a ‘Third Way’ of media funding, one that transcends the traditional dichotomy between market forces or government funding, Patrice said, “The future will be concessional investment. You cannot make 20–30% EBITDA with public interest information, which was the case, I repeat, for 200 years.”
Patrice Schneider also took part in discussion on “Philanthropy, non-profit local news and established media organizations: a new way to think about supporting news ecosystems.” As the debate around media funding intensifies in the backdrop of a global funding drought, Patrice chimed in on the importance of philanthropy funding in enabling change and the eventual dangers of relying too heavily on it. He said, “Philanthropy is not a saviour for the domain, it is a catalyst for change.”
Turning attention to media organisations seeking investment, Joanna Rozycka-Iwan, MDIF’s Chief Investment Officer, provided insights into “What do journalism funders want—and why are they so focused on business model?” Along with two other media funding organisations, she explored the key factors shaping funding decisions—emphasising the importance of product-market fit, competitiveness, and long-term partnership potential—and offered practical guidance for news organisations seeking to strengthen their funding proposals. Giving an overview of MDIF’s two-pronged focus on mission and financial sustainability, Joanna said, “We first look at mission, value alignment, the product, quality of journalism, its independence, and the impact it has on societies. But the second stage of our assessment is looking at the project or company as a business… at business fundamentals, the track record and the business model.”
Focusing on shifting power and resources to independent media rooted in their communities, Bilal Randeree, MDIF’s Chief Program Officer, participated in a panel discussion about “Decentralising media support for the world’s majority”. He highlighted the role of collaborative journalism and media innovation in building equitable local–global connections. Reflecting on MDIF’s Amplify model of media support and underscoring the importance of solidarity among smaller outlets, he noted, “What we saw through bringing together a small cohort of independent media organizations, a big thing to overcome is this idea of looking at each other as competition.”