"Independent journalism faces converging pressures from media capture, volatile donor priorities, and platform-driven markets accelerated by generative AI. This article presents 5 years (2020–2025) of first-hand evidence from a donor-funded program to support journalism in Hungary that combined core funding, mentoring, and organizational development for independent local outlets. A longitudinal mixed-methods design disaggregates sustainability into money (revenue diversity, cash flow), management (absorptive capacity, governance, leadership), and market position (audience growth, brand trust, sales capability). Findings show that philanthropic funding is only conditionally conducive to sustainability under capture. Grants enabled survival, professionalization, and audience gains, but rarely produced durable revenue diversity in markets distorted by politicized state advertising, advertiser risk-aversion, and low willingness to pay for news. The program’s clearest contributions were transitional: financing operational and managerial upgrades, supporting product and audience experiments, and providing temporary insulation from hostile conditions. These gains materialized primarily where absorptive capacity and leadership were already strong. Donor-backed networking delivered only partial results, and abrupt donor exit exposed the fragility of post-grant trajectories. The overarching lesson is that donor intervention must be understood as a long-term investment in a difficult-to-visualize public good, namely democratic resistance and opposition, that yields indirect civic returns and, over time, creates the preconditions for impact." (Abstract)