Broad-Based Stakeholder Ownership in Journalism: Co-ops, ESOPs, Blockchains

Abstract

This article presents a survey of broad-based stakeholder-ownership models for journalism. The models considered are forms of ownership by employees, associations, audiences, and blends of these. Some of the examples are so new that they have not been, and cannot yet be, comprehensively studied. Yet they bear unique promise for addressing the dual challenges of economic sustainability and perceived accountability that bedevil news media today. Such promise, however, does not guarantee success. While broad-based stakeholder ownership in the news business shows capacity for public accountability, as well as some promise for business sustainability, it is ill-equipped to compete in markets organized to favor investor-owners with far greater capital access. Such ownership models, therefore, will likely require additional policy support to gain and maintain significant market share.