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

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
38 mins ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.
48 mins ago - World

Israel's secret embassy in Bahrain

Illustration: Annelise Capossela/Axios

This story is from Barak Ravid's new weekly newsletter, Axios from Tel Aviv, which launches today. Sign up here.

Israel has been conducting undercover diplomacy in Bahrain for more than a decade through a front company listed as a commercial consulting firm.

Why it matters: The existence of the covert diplomatic mission in the Bahraini capital Manama shows the depth of a secret relationship that came out into the open with a White House ceremony last month.