"This report responds to a rising demand from the media development field to understand how private capital can complement and strengthen traditional donor funding. It explores the potential of innovative financial instruments to support sustainable, independent journalism and build healthy information ecosystems. Drawing on expert interviews and case studies, it assesses both the demand side – how to build investable media enterprises, and the supply side – which financing tools are best suited to different political and economic contexts? The private sector alone will not save journalism, but it cannot remain on the sidelines. New capital, new actors and new models are urgently needed to sustain public interest media. The present report addresses the following questions: What is the rationale for catalysing private capital to support public interest media? What funding sources – such as development finance institutions, impact funds, venture capital, family offices and community lenders – could be leveraged? What financial vehicles – concessional loans, equity investments, blended finance, impact bonds – are most promising for the media sector? What can be learned from applying impact investing approaches from other sectors to journalism? Can private sector approaches incentivise new business models and greater financial resilience among public interest media outlets?" (Introduction, page 5)