This working paper argues that business models capable of supporting independent media are decreasingly available, that media markets are increasingly fertile territory for government co-option and that alternative sources of revenue for independent media are scarce. In 6 parts, the report argues that information is a public good in the age of infodemics and democratic backsliding; and analyses the health of media markets; public subsidies, the pros and cons of different subsidy models and evolving concepts, and, finally, argues for ‘government policy that treats information as a public good and finds appropriate ways of mobilising public funds to support it’. The report is a product of the 3-year Protecting Independent Media for Effective Development (PRIMED) programme.