Charitable Entities Commit $37 Million to Radio and Television Broadcasting Stations in the Community
In a coordinated effort to support local public media organizations, several major philanthropic foundations have launched the Public Media Bridge Fund (PMBF). The fund, operated by Public Media Company, aims to provide grants, low-interest loans, and advisory services to at-risk local public media organizations.
The PMBF has garnered attention from various media outlets, including The Washington Post and The New York Times, following the announcement of its launch. The Knight Foundation, MacArthur Foundation, Ford Foundation, Robert Wood Johnson Foundation, the Schmidt Family Foundation, and the Melinda Gates-led group Pivotal Ventures are among the organizations involved in the PMBF.
The federal government's decision to eliminate funding for public broadcasting for the next two years, amounting to approximately $1.1 billion, has left a significant gap. To address this immediate need, the PMBF aims to provide nearly $37 million in emergency funding.
Local public radio and TV stations that historically receive more than 30% of their support from the Corporation for Public Broadcasting (CPB) are the focus of the fund. Tim Isgitt, the head of Public Media Company, emphasized that around $100 million would be needed to avoid widespread closures of local public media organizations.
Maribel Pérez Wadsworth, the president and chief executive of the Knight Foundation, highlighted the importance of ensuring critical local public media stations receive funds. She stated, "The PMBF represents a pathway for at-risk local public media organizations to obtain necessary funds during this challenging time."
The grant process for the fund, including eligibility and criteria, is expected to be finalized in late September. It's important to note that the fund is not exclusive to the PMBF, but rather a broader effort to support local public media organizations. The fund is not intended for NPR and PBS, as they are better funded.
The Corporation for Public Broadcasting (CPB) has announced its shutdown due to the federal funding cuts. However, the PMBF and other philanthropic efforts aim to fill this gap and ensure the continuity of local public media services.
The PMBF is a significant step towards ensuring the survival of local public media organizations during this challenging period. As more information becomes available, we will continue to keep you updated on the progress of the fund and its impact on local public media.
Read also:
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Manipulating Sympathy: Exploiting Victimhood for Personal Gain
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
- Exploring Money-Making Opportunities in Digital Gaming Worlds
