Press Forward completes nearly US$600M in journalism investments about 2 years early

Press Forward, the nonprofit launched in 2023 to strengthen local news as outlets struggle with economic and technological changes, announced Tuesday that it has completed investing nearly US$600 million in journalism organisations, about two years ahead of schedule.

However, Press Forward Executive Director Dale Anglin said the organisation’s work is far from complete. Not only will the group continue raising and investing money, it will also expand its range of initiatives to support journalism.

“The industry is going through an incredible transformation,” Anglin told The Associated Press in an interview. “It took 20 years to get to this point – if not longer. It’s going to take us a while to get out of it.”

According to “ The State of Local News 2026 ” from Northwestern University, the number of news deserts – counties that have no locally based professional sources of news – grew by 12 per cent this year to 238, as advertising and audiences continued to decline. Though there were dozens of newsrooms started this year, more than two newspapers closed for each outlet launched.

Anglin said she has had success convincing more funders to support Press Forward, which launched in 2023 through donations from the John S. and James L. Knight Foundation, the John D. and Catherine T. MacArthur Foundation, the Democracy Fund and 19 other funders. The nonprofit now has 144 funders and has explained how longer-term support for journalism is necessary, similar to arts or education funding in a community.

Press Forward has helped establish a US$21-million impact investing fund with Social Finance and the Knight and MacArthur foundations to support outlets with small loans they would likely not get elsewhere. It already has 50 local Press Forward chapters that have invested US$87 million to strengthen journalism in their communities, including US$53 million in the past year.

“The challenges in local news were really kind of universal,” Anglin said. “But it turns out, as we have learned over the last three years, that a lot of the solutions are local.”

Press Forward Chicago sees promise in pooled funds

Tracy Baim, executive director of Press Forward Chicago, said her chapter believes it has developed part of the solution to journalism’s funding problems.

In addition to accepting traditional donations, Press Forward Chicago has established a pooled fund, which uses donations from multiple organisations to support specific initiatives.