Independent media in CEE is at a critical juncture; facing political pressure, digital disruption and diminishing capital. As democracies in the region navigate rising disinformation and polarization, there is growing recognition that supporting sustainable, independent journalism is both an urgent need and a strategic opportunity. Strengthening media resilience now could help secure not just information integrity but also democratic stability for the future.
Hearing from a sample of senior respondents, this report find that many think there is space for a vehicle that mobilizes private, public and philanthropic investment into CEE media. But there is further work to design what a vehicle might look like, and to set up de-risking mechanisms that can attract investors focused on returns.
Our report reviews the state of media investment in the CEE region and finds well-known obstacles. To overcome these, it suggests that new thinking is required. For example, to attract mainstream private investors, we may need to redefine what we mean as “media”, beyond traditional news organizations in CEE. The Pluralis blended finance vehicle, for example, is an established way to attract investment to independent journalism outlets. A new vehicle might broaden its list of investment targets, the report suggests. These could include media technology and information providers, smaller organizations serving niche markets, and a mix of targets inside and outside CEE.
Meanwhile, to help attract organizations with social investment goals, our report notes that security and democracy concerns are potential drivers for funding and encourages a shift in the narrative to reflect that. This may well be relevant beyond the scope of legacy media, with socio-democratic values applying to digital technologies as well as to traditional news. The report also finds that investors want the public sector to be more involved – and sheds light on some constraints, but also possible ways forward.
At the end of the report, we present next steps and best practices. If a new blended finance vehicle is to be established, we recommend sharpening the investment thesis, mapping markets and, potentially, hosting workshops and a design window to test and develop models.
Published Date: October 31, 2025