At a recent Journal-isms roundtable, a significant shift in media partnerships was unveiled, marking a new chapter for journalistic endeavors in the United States. Kim Kleman, Executive Director of Report for America, announced the nonprofit’s decision to phase out collaborations with hedge-fund-owned news organizations. This move came in response to concerns voiced by Tracie Powell, founder of the Pivot Fund, regarding the allocation of nonprofit dollars to corporate entities, particularly those under hedge fund ownership.
Origins and Impact
Since its inception, Report for America has aimed to bolster journalism in underserved communities, often partnering with the only available newsrooms, some of which were owned by hedge funds. The organization has successfully placed over 600 journalists, nearly half of whom are people of color, across 338 newsrooms. This strategy was initially defended by co-founders Steve Waldman and Charles Sennott as a means to promote quality journalism, even in less ideal ownership situations.
Shift in Strategy
However, the recent dialogue reflects a strategic pivot towards fostering a more diversified and sustainable media landscape. Report for America’s decision underscores a recognition of the evolving dynamics within the media industry and the need to support newsrooms that are not only committed to journalistic excellence but also possess the independence necessary for truly impactful reporting. The shift aims to encourage a media ecosystem that thrives on diversity, equity, and sustainability, moving away from models that may prioritize profit over public service.
Rationale and Reactions
This decision has garnered attention and approval from various quarters of the media and philanthropy sectors. It highlights a growing awareness of the influence that funding and ownership can have on journalistic integrity and independence. By redirecting support towards independent and community-based news organizations, Report for America is sending a strong message about its commitment to nurturing a healthy, vibrant media landscape capable of serving the public interest effectively.
As this new chapter unfolds, the implications for both current hedge-fund-owned partners and the broader media landscape are significant. This strategic realignment by Report for America not only challenges the status quo but also invites other stakeholders to reflect on their roles in supporting a free and fair press. It represents a hopeful step towards a more inclusive and representative media environment, where the quality of journalism and its service to the community take precedence over ownership structures and profit motives.
