Giving Compass' Take:

• In this story, DTN's Progressive Farner highlights a $300 million investment by the Knight Foundation into local journalism. The foundation's goal is to rebuild trust in the media, one community at a time.

• How well does the Knight Foundation's investment embody the values of impact-driven philanthropy?

• To learn more about a model for supporting local news, click here.

The Knight Foundation says it will invest $300 million in local journalism over the next five years, seeding several programs designed to kick-start an industry decimated by layoffs and newspaper closures over the last 15 years.

Among the beneficiaries are the American Journalism Project, which provides grants to local nonprofit news organizations; the investigative site ProPublica; Report for America, a service organization that pays for the hiring of local journalists; and PBS' "Frontline," the documentary program that's making its first foray into local news.

"What this initiative aims to do is really help build a future for local news," said Jennifer Preston, vice president for journalism at the Knight Foundation.

Recovering what has been lost by the thousands of journalists no longer on the beat requires fundamental changes in the business of local journalism. Preston said Knight recognizes this and is funding efforts designed to develop more sustainable business models.

"We are at a critical juncture at this moment in time to make these investments at a local level to help rebuild trust in journalism, one community at a time," she said.

Read the full article about local journalism at Progressive Farmer