L3C: A Flexible Funding Model for the Media Industry?

Why would anyone want to invest in the L3C model? And why could it provide a flexible funding model the media industry needs now?

Those are two of many questions asked on Friday as panelists John Plunkett, ceo of Harborquest, and Chicago journalist Sally Duros discussed with media entrepreneurs, journalists and nonprofit communicators how this new model of financing could create sustainable economic support for the media. The event was supported by The Chicago Community Trust and through its Community News Matters initiative.

Duros wrote about L3Cs for our New News report last year,

The L3C merges foundation money, specifically program-related investments, with investor’s cash in a mission-based business that puts purpose before profits…Under this model, a newsroom will pay a living wage to journalists and executive leadership while earning a return for investors. Most importantly, because it is mission-based, the L3C signals a return to the historical value of newspapers: local news. Read the rest of this entry »

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