Financing critically important news outlets in emerging markets

Why?

Timely, accurate information is critical to free societies and equitable economic development.

Newsday, Zimbabwe

Why?

In 2012, only 1 in 6 people lived in a country with a free press.

Why?

Independent news businesses need access to capital.

Lack of capacity for managing political risk and media expertise.

18 years ago.A crazy idea.

How did we do?

LOANS & EQUITY $ 113 millionCOUNTRIES INVESTED IN 32WRITE-OFFS 2.8 %RETURNED TO INVESTORS $19.5 million4 EXITS IRR 23.87%

Reached (people) 55 million

But again...why?

Independent reporting = contributions to democratization & economic development.

Media companies realize growth because:• become news of record• market distortion falls away• access to capital increase• consumer-oriented economy =

growth of ad markets

New kid in town...

Digital Acceleration

Looking forward...

Africa, Asia and Latin America

It is.