Local journalism is important but I am not really sure how to fix it. Lets say we make a big fund to pay for "independent journalism" at the local level. That only works for so long until people get inside with their own axe to grind and take control. The activist class will eventually get in, become managers and corrupt the organization if its a non-profit. If its a political organization it will have political pressures. If it is a for profit it will have financial incentives that probably cant survive in the modern day in small markets.