"Radio B92 was an iconic independent media institution in Serbia. Founded in 1989, B92 provided Belgrade listeners with subversive rock music, high-quality journalism, and independent perspectives on politics in the former Yugoslavia. An early adapter to the internet, B92 has been credited with spar ... king the many demonstrations that took place in Belgrade during the 1990s. While the role of Radio B92 during the turbulent days of the Yugoslav Wars is well known, less known is the role of its first CEO and news director in the creation of what would become the Media Development Investment Fund (MDIF). Drawing on semi-structured interviews with journalists, scholars, funders, diplomats, and media observers conducted in Belgrade in 2022, this study argues that much can be learned from the case of Radio B92 and the short history of independent media in Serbia. Although B92 ultimately met a tragic death at the hands of privatization and “market censorship,” the “impact investment” model of media development it sparked lives on. Combining affordable loan and equity financing with technical assistance and advisory services, MDIF’s model helps struggling news organizations avoid dependency on grants. Although the 2022 reelection of President Aleksandar Vucic demonstrates his party’s successful state capture of Serbian news media, a look back at the case of Radio B92 has implications for the broader question of what works in international media assistance and why." (Abstract) more

"Starting with support to media companies in countries transitioning from communist systems to free markets back in 1996, to being at the forefront of investing in digital news and information startups in emerging and frontier markets in 2019, MDIF has invested in 119 independent media businesses ac ... ross 42 countries in total. As of December 2019, we had provided $231.2 million in financing, including $203.4 million in loans and equity investments, $27.2 million in technical assistance (TA) and TA grants and $0.6 million through a secure payment service for independent media. MDIF finished December 31, 2019 with $115.2 million total assets under management. Our portfolio included 42 independent media companies spread across 28 countries, from India to Lesotho and from Peru to Malaysia. The largest share of our assets under management — 78.9% — were in Southeast and Eastern Europe, with 11 companies in our portfolio, followed by Asia at 9% (10 companies), Africa at 6.8% (7 companies), Eurasia at 3.3% (4 companies) and Latin America at 1.6% (8 companies), in addition to 0.4% allocated to 2 international projects with global reach. In 2019, MDIF invested $55.2 million in 10 media companies across 10 countries, in addition to continuously servicing existing investments and providing technical assistance and strategic advice. Across five funds, six media companies were assisted with follow-on financing, while four were new to our portfolio. We also extended our operations to two new countries – Guyana and the Philippines." (Page 11) more

"Media Development Investment Fund (MDIF) is a not-for-profit fund that provides affordable debt, equity, and quasi-equity financing as well as technical assistance to independent media companies in countries where the free press is under threat [...] As of December 31, 2018, MDIF has provided more ... than $172 million in financing and technical assistance grants to 115 independent media companies, primarily small and medium enterprises (SMEs), across 40 countries. As the only global investment fund for independent news media, MDIF presents several insights for others considering blended finance in the media sector – or in other sectors that face significant investment barriers: While blended finance is not a panacea for financing the SDGs, it can still support private sector development for less commonly targeted SDGs; Fit-for-purpose vehicles can be used to unlock specific pools of investment capital; It can be difficult for ‘first-time fund managers’ to raise commercial capital – even those with a relevant track record; The larger ticket sizes required to attract investors can be challenging to reconcile with impactful investment sizes; Blended finance offers a unique opportunity to align incentives for development impact and financial returns." (Executive summary) more

"In 2018, 92.5 million people received their news from MDIF clients, 51.9 million online and 40.6 million through traditional media. After five years of working with MDIF, client reach increased on average by 191.1% (a median of 33.2%). In 2018, MDIF clients generated $355.2 million in revenues, wit ... h each dollar invested by MDIF leveraging $5.97 in client revenues. After five years of working with MDIF, clients increased their revenues by 218.3% on average (a median of 80.1%). In 2018, 76.7% of MDIF loan clients were classified as having low or moderate risk. The median risk rating of our loan portfolio was 5.65, squarely within the moderate risk range and consistent with previous years. In 2018, 70.4% of MDIF clients agreed or strongly agreed that there had been positive changes in their company because of their involvement with MDIF. 82.4% of those who received capacity building support that year agreed or strongly agreed that there had been positive changes in their company because of that intervention." (Executive summary, page 4-5) more

This study is based on the experience of the public-private development partnership for independent media, a joint initiative between the Swiss Agency for Development and Cooperation (SDC), the Media Development Loan Fund, responsAbility Social Investments AG and Bank Vontobel.

"Exporting Press Freedom examines the history and practice of media assistance, and argues that the dilemma of media independence and sustainability is best understood as an economic problem rather than one of poor editorial standards or lack of will. It includes profiles of news and public affairs ... media in developing and democratizing countries, and also of two non-governmental organizations that have pioneered the use of low-interest loans in media assistance. These profiles exemplify strategic and entrepreneurial approaches to developing and supporting public service media. Such approaches may be of use not only in the developing world, but in the consolidated Western democracies as well, where concern has grown about poor journalistic performance and its consequences for democratic governance." (Publisher description) more