The Knight Foundation, along with other major philanthropic organizations, is spearheading an effort to raise $50 million to support local public radio and television stations facing severe financial challenges due to recent federal funding cuts to the Corporation for Public Broadcasting (CPB).
These cuts, amounting to $1.1 billion over two years, threaten the survival of approximately 115 stations that serve 43 million people, particularly those in rural, Indigenous, and underserved communities, which rely heavily on CPB funding for over 30% of their budgets.
The NY Times reports the initiative, called the Public Media Bridge Fund, managed by the Public Media Company, has already secured commitments of nearly $37 million, including $26.5 million for immediate stabilization grants and low-interest loans to the most vulnerable stations. The Knight Foundation is contributing $10 million, with additional support from the Ford Foundation, MacArthur Foundation, Schmidt Family Foundation, Pivotal Ventures, and Robert Wood Johnson Foundation.
The MacArthur Foundation is also providing an additional $10 million outside the fund to support public media initiatives.
The effort also includes advisory services to help stations develop sustainable business models for long-term viability.
The broader goal is to raise $100 million over two years to prevent widespread closures and preserve local journalism, with an immediate target of $50 million by fall 2025 to address the critical funding gap as CPB winds down operations. However, philanthropy alone is not seen as a long-term solution, and stations may need to merge or pool resources to survive.
This initiative reflects a coordinated response to a crisis described as a “doom loop” by Tim Isgitt of Public Media Company, where the loss of federal funding could lead to station closures, reduced programming, and further financial strain across the public media system.