The Associated Press (AP) is debuting an independent nonprofit sister organization to grow state and local news, the outlet’s CEO Daisy Veerasingham told Axios.
The new group, The AP Fund for Journalism, is a 501(c)3 charitable organization that enables The AP to raise money for the media outlet’s local news endeavors that it cannot do as a not-for-profit, Axios reported. The media outlet invested in five local newsrooms in August as they prepare for the 2024 election.
“It will help to sustain what we do, grow what we do, and add new and incremental journalism services for the industry,” Veerasingham told Axios.
The nonprofit has already taken shape but is still awaiting approval from the IRS, Axios reported. The company’s mission is to raise $100 million.
NEW: @AP launching a nonprofit to raise philanthropy dollars for local news
— Looking to raise at least $100M initially
— The “AP Fund for Journalism” will be a 501(c)3 charitable organization with a separate board
More on @axios https://t.co/B17yjqv4Tn— Sara Fischer (@sarafischer) June 25, 2024
The money that is raised will be allocated based on how the organization’s independent directors see fit and could help scale operations that localize datasets for local news outlets, Veerasingham told Axios.
The not-for-profit AP will still hold editorial control over any journalism that originates from the funds raised, Axios reported.
Officials are filling out a board of independent directors as well as looking for an executive vice president. The administrative staff will help the nonprofit grow, but the new group will also lean on the AP’s size and journalistic presence, Veerasingham told Axios.
Some of the money raised could also be used for artificial intelligence (AI) training in local newsrooms, as The AP partnered with OpenAI’s ChatGPT in 2023 (RELATED: Apple Partners With ChatGPT On New Software)
In 2023, philanthropies decided to send $500 million over the next five years to a local news initiative called “Press Forward,” Axios reported. (RELATED: Left-Wing Orgs Join Forces To Commit Over $500 Million To Influence Local Media)
