Media as SMEs

Do

Design investment products that explicitly incorporate editorial independence, transparency, and governance safeguards as core criteria, alongside financial viability. Investments should reward public-interest media models, not only growth or profitability.

Develop blended finance instruments that combine EU grants, concessional loans, guarantees, and technical assistance to de-risk investments in media and information ecosystems. These should attract co-financing from philanthropic and impact investors.

Establish technical assistance facilities to help media organisations build capacity in governance, compliance, financial management, and business planning, making them more investment-ready without compromising editorial integrity.

Track and publish portfolio-level impact data (in anonymised form), capturing not only financial metrics but also contributions to media pluralism, sustainability, and independence.

Prioritise investments that strengthen local ownership and governance structures, ensuring that media outlets retain control over editorial and strategic direction.

Don’t

Don't apply growth-only or click-based performance metrics that incentivise sensationalism or undermine journalistic quality.

Don't attach restrictive covenants or conditions that influence editorial content, limit independence, or pressure outlets into distorting their business models.

Don't create financing tracks isolated from grant-based support; media viability depends on a blend of finance and subsidies, not commercial instruments alone.

Don’t privilege large, consolidating corporate models that risk crowding out locally owned or independent outlets.

Don’t rely solely on short-term return-on-investment horizons; media resilience often requires patient, long-term capital.

Best practice

Incorporate side-letters or contractual clauses that explicitly safeguard editorial independence and prohibit financial interference in content or governance.

Pilot an EU-wide Media Viability Facility under InvestEU, implemented through EIB/EIF, blending grants, technical assistance, and patient capital to strengthen the resilience of public-interest media.

Develop impact assessment frameworks that measure success against pluralism, governance quality, and sustainability indicators, not just financial returns.

Establish partnerships with universities, think tanks, and independent evaluators to analyse the broader effects of media investments and generate actionable learning.

Encourage regional investment vehicles that pool resources for independent media across countries or sub-regions, reducing risk through diversification.

Share anonymised portfolio insights with EU institutions and Member States to inform policymaking and improve coordination across grant- and finance-based interventions.