Less than two months after President Donald Trump and congressional Republicans finally delivered on a promise to defund liberal public media outlets, several philanthropies today announced plans to step in with a bailout fund.

The effort, led by the Knight Foundation, Pivotal Ventures, the MacArthur Foundation, Ford Foundation, the Schmidt Family Foundation, and the Robert Wood Johnson Foundation, aims to raise $50 million this year.

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The six philanthropies are planning to offer $37 million and have called on others to pony up the rest to help small TV and radio outlets that were funded by the Corporation for Public Broadcasting, which said it would close its doors after Trump signed the One Big Beautiful Bill Act that defunded it.

The new private fund is slated to help independent media outlets that are not part of the National Public Radio and the Public Broadcasting Service network.

The philanthropies said in a statement that defunding CPB would result in the loss of up to 30% of funding for many independent media outlets.

“Local public media stations are trusted community anchors that connect people to vital news, culture and civic life,” said Maribel Pérez Wadsworth, president and CEO of the Knight Foundation. “This is an urgent moment that calls for bold action. We are proud to stand with our fellow foundations and urge others to join us in securing the future of public media.”

Trump and Republicans had long promised to cut taxpayer support for public broadcasting due to their view that the stations promote liberal politics and politicians.

A third of the fund will go to the Public Media Bridge Fund to offer grants and low-interest loans to “vulnerable stations,” per a Knight Foundation release.

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Meanwhile, MacArthur is committing $10 million in direct support of public media stations, programs, and organizations.

“Millions of people rely on public media for trusted local news, educational programming, and stories that reflect their lives and experiences,” said John Palfrey, president of the MacArthur Foundation. “Stations serving rural, small to mid-market, and Native communities, as well as documentary ecosystems, are disproportionately impacted by the funding cuts and need intentional support. These stations are more than just broadcasters — they are critical sources of information and connection.”