"Starting in February 2025, we set out to identify and examine success stories among local news groups, where success was sustainability in business operations, even if that term has a range of interpretations. We reasoned that the experiences of these successful organizations might carry predictive ... lessons for the larger field. As we wrote this report, we kept two groups of readers uppermost in mind: first, publishers at emerging news organizations who are looking to bring their operations to some level of financial sustainability and, second, funders who are making investments in those news organizations. We hope our work will build on the existing literature that is already in place and provide these two groups of readers additional detail and fresh perspective on the financial elements surfacing for some emerging local news organizations." (The purpose of this report, page 2) more