Alberto Ibarguen spends $150 million to save local newswire.

One of the major problems with today's media is the lack of funding for in-depth reporting in local communities.

The president of the Knight Foundation, Alberto Ibarguen, believes journalists need time to do solid research, and time is worth money. He said the independence of the press is an important aspect for control and balance in society. As an anchor investor in the new Press Forward program, Ibarguen plans to invest $150 million in local newsrooms to make them an important part of the community.

Many of the existing media funding models do not''provide adequate resources for this type of journalism. Some media companies, such as Gannett and Sinclair, do not focus enough on local issues in the pursuit of profit.

The Knight Foundation plans to change this situation by investing in communities and providing economic support for local journalism so the media can fulfill its function of informing citizens.