Illustration: Aïda Amer/Axios

Nearly $1 billion has been committed to saving local news in America over the next several years, as the country grapples with the consequences of less local coverage and accountability.

Why it matters: Despite valiant efforts, there's still no real business model for local news to continue to operate the way it has been for decades. Many of these donations, however, are being used to fund the research and development of sustainable business models for local news.

The big picture: While some smaller, local digital operations have found ways to drive profits, larger local newspaper and TV companies continue to shutter, consolidate or reduce headcount.

Driving the news: The Knight Foundation today said it would double its commitment to local news, donating $300 million via Knight’s endowment over the next five years, doubling its previous commitment.

  • "By investing in local news and providing journalists and news organizations with the tools and training that they need to prosper, we will help them pave a path to long-term sustainability," says Jennifer Preston, Knight Foundation vice president for journalism.

By the numbers The Knight Foundation's efforts are reminiscent of those from Google and Facebook, both of which have pledged over the past year to give $300 million to local journalism efforts over the next three years. They join several smaller efforts dedicated to bolstering local news, including...

  • WordPress, the content management tech company owned by web development giant Automattic, said it was investing six figures in The News Project in January to help bolster local news.
  • Local education site Chalkbeat gets hundreds of thousands of dollars annually from organizations like the Walton Family Foundation and The Bill and Melinda Gates Foundation.
  • Donors at the local level have been supporting individual local outlets, like The Gothamist.
  • States like New Jersey are setting aside millions of dollars to invest in local news projects.

Go deeper

Dan Primack, author of Pro Rata
1 min ago - Economy & Business

U.S. nutritional supplements retailer takes first step to sell to China’s Harbin Pharma

Illustration: Sarah Grillo/Axios

GNC Holdings, the Pittsburgh-based nutritional supplements retailer, received bankruptcy court approval to sell itself to China’s Harbin Pharma for $770 million, although the deal still faces U.S. political pressures over how GNC customer data is protected.

Why it matters: It's a reminder that the U.S.-China merger mess goes well beyond smartphone apps, with Sen. Marco Rubio asking for a CFIUS review.

Ben Geman, author of Generate
57 mins ago - Energy & Environment

Tallying Trump's climate changes

Reproduced from Rhodium Climate Service; Chart: Axios Visuals

The Trump administration's scuttling or weakening of key Obama-era climate policies could together add 1.8 gigatons of carbon dioxide equivalent to the atmosphere by 2035, a Rhodium Group analysis concludes.

Why it matters: The 1.8 gigatons is "more than the combined energy emissions of Germany, Britain and Canada in one year," per the New York Times, which first reported on the study.

Boeing's one-two punch

Illustration: Aïda Amer/Axios

The grounding of Boeing’s 737 MAX was the worst crisis in the plane-maker’s century-long history. At least until the global pandemic hit.

Why it matters: Wall Street expects it will be cleared to fly again before year-end. Orders for what was once the company’s biggest moneymaker were expected to rebound after the ungrounding, but now the unprecedented slump in travel will dash airlines’ appetite for the MAX and any other new planes, analysts say — putting more pressure on the hard-hit company.