Facts and figures from Capital Stacks of Journalism
Every classification, structure and chart we surfaced in the research, collected in one place: how ventures were launched and financed, who owns them, who pays to read, where the money comes from, what it costs to break even, and how they hold up. Each figure links back to the passage in the report it came from.
Figure 1›When they started
Founding year of the 21 ventures, 2008–2021Mediapart
2008
’09–’11
elDiario.es
Dossier
2012
Magyar Jeti / 444
De Correspondent
CORRECTIV
Contexte
2013
Krautreporter
Denník N
Brief Media
2014
Telegram
Follow the Money
2015
Zetland
Tsüri
OKO.press
2016
Recorder
2017
Republik
El Orden Mundial
2018
’19
Will Media
Mill Media
2020
The Kyiv Independent
2021
Figure 2›Four founding routes
Classified by dominant trigger, not exclusive motiveExplore in the report→
Figure 3›What they launched with
Founding capital per venture, from the profiles; log scale. Where only a range is known, the dot sits at its midpoint and the label shows the rangeRepublik
€7–8M
Zetland
>€3M
CORRECTIV
€3M
Mediapart
€2.9M
Denník N
€1.5M
De Correspondent
€1–1.5M
Krautreporter
€1–1.5M
Will Media
€1.2M
Magyar Jeti / 444
€750k–1M
Telegram
€750k–1M
Tsüri
€250–750k
elDiario.es
€395k
Brief Media
€100k
Contexte
€100k
Recorder
€50k
El Orden Mundial
€40k
Dossier
<€10k
Follow the Money
<€10k
OKO.press
<€10k
Mill Media
€0
The Kyiv Independent
€0
€10k€100k€1M€10M
● Western Europe● Central & Eastern Europelog scale
The Kyiv Independent and Mill Media launched with no capital at all; Zetland with “over €3M”.
Figure 4›Three ways to launch
Launch archetype of each venture, from the profilesInvestor or funder capitalized
Investors or a funder put up the launch money, mostly equity, sometimes loans or a large non-repayable grant. A newsroom was hired on day one.
Outlets9
Contexte · CORRECTIV · Denník N · elDiario.es · Magyar Jeti / 444 · Mediapart · Telegram · Will Media · Zetland
Revenue-as-capital
The launch money came from selling subscriptions to a publication that did not yet exist, so the capital doubled as proof of demand.
Outlets4
Brief Media · De Correspondent · El Orden Mundial · Krautreporter
Sweat-and-trickle
Runway assembled from founder loans, deliberate underpayment, service contracts and small grants. The founders and their labor were the capital.
Outlets6
Dossier · Follow the Money · Mill Media · OKO.press · Recorder · The Kyiv Independent
Republik’s launch, pre-sold memberships combined with subordinated loans and donations, is a hybrid of these routes.
Figure 5›Who went back for more
Fundraising rounds after launch; only ventures that raised again are shownBrief Media
Contexte
De Correspondent
Mediapart
Tsüri
1round
Denník N
elDiario.es
Magyar Jeti / 444
Mill Media
Telegram
2rounds
CORRECTIV
Republik
Will Media
Zetland
3+rounds
Figure 6›What founders gave up
Equity transferred to investors in formal funding roundsInvestorsFounders & newsroom
51%
Denník N*
41–50%
Mediapart · Telegram
31–40%
Follow the Money · Zetland
21–30%
elDiario.es · Magyar Jeti / 444 · Tsüri
11–20%
Mill Media
<10%
Brief Media · Contexte · De Correspondent · El Orden Mundial · Republik · The Kyiv Independent
0%50%100%
Six outlets transferred no equity to investors: five never issued any, and Krautreporter’s founders moved 91–99% into its members’ cooperative instead.
*Denník N later bought back a majority stake, returning control to the newsroom and founders.
InvestorsFounders and newsroomExact share not reported, only the range
Figure 7›What the founding stacks were made of
Ventures using each instrument at launch (not mutually exclusive)Explore in the report→
Figure 8›Six types of investors
Founding-stage and early capital came from six sources; most outlets combined two or threeExplore in the report→
Figure 9›What the right investors brought
Contributions beyond capital, from the interviewsValidation
Mark Thompson’s investment made Mill Media look serious to outsiders; Telegram gives Pluralis top marks for its network, advisory and the seal of approval of a major international fund.
Strategic perspective
Zetland’s investors contributed at board level on product-building and optimization; early pressure to fund technology is part of why the company avoided growth bottlenecks.
Discipline (sometimes uncomfortable)
Follow the Money’s wax-fortune investor wrote his own business plan and made his money conditional on hiring a publisher; other investors insisted on open-source tooling.
Cover in a crisis
For Mill Media the moment investors mattered most was the SLAPP lawsuits: people with skin in the game, in the room when the existential threat arrives.
In the survey, every outlet with outside investors said the right investors had materially improved its chances of success (4 or 5 on a five-point scale).
Figure 10›From €700k to €28M
€ million turnover, latest closed year, from the profiles; ~ marks approximate values, and The Kyiv Independent’s €2–3M is shown at its midpointExplore in the report→
Figure 11›Margins
Net result as % of turnover, latest closed year, from the profiles, some approximate. Will Media reports EBITDA; The Kyiv Independent reports a profit but no figure−5%Break-even+20%+40%+60%
Recorder
Zetland
Mediapart
CORRECTIV
El Orden Mundial
Brief Media
elDiario.es
Will Media
Magyar Jeti / 444
Republik
Denník N
Contexte
Tsüri
De Correspondent
Follow the Money
Krautreporter
OKO.press
Dossier
Mill Media
Telegram
■ profit◇ break-evenloss
Break-even
15 in profit
Recorder
Zetland
Mediapart
CORRECTIV
El Orden Mundial
Brief Media
elDiario.es
Will Media
Magyar Jeti / 444
Republik
Denník N
Contexte
Tsüri
De Correspondent
Follow the Money
3 at break-even
Krautreporter
OKO.press
Dossier
2 at a loss, under 5%
Mill Media
Telegram
0+20%+40%+60%
Figure 12›Three years, give or take
Years from launch to first break-evenMedian 3 years
Contexte
<1
De Correspondent
<1
elDiario.es
<1
Krautreporter
<1
Recorder
<1
The Kyiv Independent
<1
El Orden Mundial
1.5
Republik
2
Brief Media
3
Denník N
3
Mediapart
3
Follow the Money
4
Zetland
4
Dossier
5
Will Media
5
Tsüri
6
CORRECTIV
7
Magyar Jeti / 444
7
Mill Media
7
Telegram
years0246810
break-even reachedprojected, not yet at break-even
OKO.press did not report a break-even timeline.
Figure 13›Where the money comes from
Revenue by source, latest available year, sorted by audience share; includes estimates where exact figures were not availableAudienceAdvertisingInstitutionalOther
Contexte
Republik
Mediapart
Krautreporter
Brief Media
Mill Media
The Kyiv Independent
Recorder
Follow the Money
Dossier
De Correspondent
El Orden Mundial
Denník N
Zetland
CORRECTIV
OKO.press
Magyar Jeti / 444
elDiario.es
Tsüri
Telegram
Will Media
0%50%100%
Figure 14›How they handle access
Twenty-one outlets by whether readers must pay for accessPaid access
9outlets
Brief Media · Contexte · De Correspondent · Denník N · Follow the Money · Krautreporter · Mediapart · Republik · Zetland
Mixed access
8outlets
Dossier · El Orden Mundial · elDiario.es · Magyar Jeti / 444 · Mill Media · OKO.press · Telegram · Will Media
Free access
4outlets
CORRECTIV · Recorder · The Kyiv Independent · Tsüri
Figure 15›Paid access over time
Outlets charging for access at launch and in 20269of 21 charged for access at launch
Brief Media
Contexte
De Correspondent
Denník N
El Orden Mundial
Follow the Money
Mediapart
The Mill
Zetland
444
Dossier
elDiario.es
Krautreporter
OKO.press
Republik
Telegram
Will Media
CORRECTIV
Recorder
The Kyiv Independent
Tsüri
→
17of 21 charged for access in 2026
Brief Media
Contexte
De Correspondent
Denník N
El Orden Mundial
Follow the Money
Mediapart
The Mill
Zetland
444
Dossier
elDiario.es
Krautreporter
OKO.press
Republik
Telegram
Will Media
CORRECTIV
Recorder
The Kyiv Independent
Tsüri
■ payment required for access■ added a gate since launch□ free access
Eight outlets added a gate after launch; none removed one. Of the four still free, CORRECTIV requires registration for selected investigations and is examining further experiments.
Figure 16›Six kinds of non-commercial money
Types of grant, subsidy and indirect support found across the samplePhilanthropic / foundation grants
The most common source. Funders include Brost-Stiftung, Schöpflin, Mercator, Adessium, Omidyar / Luminate, Open Society and Civitates, among others
Platform development grants
Mostly from Google’s DNI/GNI. At least ten outlets received one, almost always earmarked for subscription or tooling infrastructure
Media development / democracy-promotion grants
Funders include NED, EED and EU programs such as Creative Europe and Digital Europe
Public press-support subsidies
National schemes. Examples include France’s pluralism aid and FSDP, Denmark’s mediestøtte and Dutch journalism funds
Indirect state support
Mostly tax measures, such as Denmark’s VAT exemption for digital subscriptions, plus French apprenticeship aid
State-backed or subsidized loans*
Lenders include France’s IFCIC, Denmark’s Vækstfonden and the Dutch Journalism Fund (SVDJ)
* This type of support illustrates how lines begin to blur, as the difference between subsidies (grants) and subsidized loans (investments) may in practice be relatively small.
Figure 17›Acquisition channels: launch vs 2026
Share of publishers using each channel, among those who answered; self-reportedNewsletter / email
launch
6/19
2026
16/20
Paid social
launch
3/19
2026
14/20
Nearly every outlet posts on social media.
Figure 18›Marketing spend: launch vs today
Relative scale based on self-reported spending; values are not euro amountsMediapart
4001
Zetland
4001
Follow the Money
1301
The Kyiv Independent
1301
Telegram
1304
Republik
13080
Contexte
401
Krautreporter
401
Magyar Jeti / 444
401
Tsüri
401
Brief.me
404
Mill Media
4013.2
CORRECTIV
131
De Correspondent
131
Dossier
131
elDiario.es
131
El Orden Mundial
131
Recorder
11
Will Media
11
0100200300400
Self-reported annual spend, placed on a relative scale: 1 is the lowest band (under €5,000); 400 is the highest (€500,000–1.5M). Denník N and OKO.press did not report marketing spend.
■ at launch■ 2026relative scale, 1 = lowest band
Figure 19›Editorial vs non-editorial staff
Share of headcount, from the profiles; ~ marks ranges shown at their midpointeditorialnon-editorial
Mill Media
Follow the Money
Krautreporter
Denník N
Dossier
Recorder
De Correspondent
elDiario.es
OKO.press
El Orden Mundial
Magyar Jeti / 444
Republik
Telegram
The Kyiv Independent
Contexte
CORRECTIV
Mediapart
Tsüri
Will Media
Zetland
Brief Media
Figure 20›Four ways to make sustainability everyone’s job
Mechanisms found across the cohort, sometimes based on opposing philosophiesConversion-linked pay
Denník N links part of journalists’ compensation to the subscriptions their articles generate; the variable component is around 5–10 percent of salary. The purpose, its architect says, was cultural rather than financial.
An internal stock market
Contexte lets any staff member with six months’ tenure buy real shares in an annual window, at a fixed valuation formula, with company loans if needed. Staff now own about 6 percent of the business.
Engineered cross-functional alignment
Business, product and technology staff attend editorial meetings; journalists join discussions about audiences, costs and revenue. At Chora & Will Media every project passes an editorial, operational and commercial review.
Radical target transparency
Monthly growth targets published internally, performance data open to every employee. “Anyone can log in and see how we’re doing against the target. There’s literally a line.”
Figure 21›Two threat models
How the fifteen western and six eastern outlets prepare for troubleWestern Europe
Central & Eastern Europe
Cash is for…
Investing. “Why would you keep more than six months?” Several run with less cash reserves today than at launch.
Surviving. All six hold six months or more, and every one held or grew its buffer since launch. Recorder’s 24-month resilience fund was built “not knowing if it’s going to be an autocracy next year.”
Extra legal entities are for…
Tax, VAT, payroll, governance. The one protective western structure is Follow the Money’s three-tier fortress, built mid-SLAPP.
Protection. Four of six launched with two or more entities, keeping assets apart from publishing.
The founding trigger is…
Market frustration: the missing institution, the unserved niche. Zero foundings in direct response to political pressure.
Defense: Denník N, 444, OKO.press and The Kyiv Independent were all born of captured or closed newsrooms; OKO.press was built as the fallback before the expected takeover.
Clean public money is…
National. Press funds are the workhorse (nine of fifteen took them); EU money is incidental, and the one principled EU-refusenik is Follow the Money, on conflict-of-interest grounds.
European. Almost no CEE outlet reports national public money, while five of six took EU money, the only public source out of the government’s reach.
Backing journalism costs an investor…
Money, at worst. Investors are named and celebrated.
Political exposure. ESET’s owners drew prime-ministerial press conferences over an investment ESET never made; 444’s backers lent privately to keep their names off the register; Telegram and Magyar Jeti bought international ownership as a shield, until Hungary’s foreign-agent law turned MDIF’s stake into a liability and forced a buyback.
Figure 22›For-profit on paper, rarely in practice
Legal form of the 21 ventures, by main legal entity, and which of them ever paid owners a regular dividend. Several run more than one entity16For-profit
Paid dividends
4Nonprofit
1Cooperative
Several for-profits have promised contractually not to distribute profits at all.
Figure 23›Exit sizes
Size of founder and investor exits, for 12 of the 16 outlets that report at least one>€10M
Mediapart
€1.5–3M
Contexte
€750k–1.5M
Magyar Jeti / 444
€250–750k
Denník N
Follow the Money
€100–250k
Brief Media
<€100k
De Correspondent
El Orden Mundial
Krautreporter
Recorder
The Kyiv Independent
Tsüri
Figure 24›What patient money got back
Return multiples on founder and investor exits; one block per outlet. Five outlets have had no exit yet16 exits
>5×
3–5×
1.1–1.5×
1×
multiple not reported
Every figure in the report, in the order it appears. Where an outlet did not report a value, the figure says so; approximate values are marked ~.