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Independence Media To Become Foundation

Here’s the latest from Independence Media.

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Independence Media will use the $131.5 million received from the Federal Communications Commission’s (FCC) Broadcast Incentive Auction to carry out its charitable and educational mission by making grants initially in the Philadelphia region to other exempt organizations that are using media and new technologies to connect communities, promote diversity and encourage understanding. Independence Media expects to begin awarding grants no later than early 2019.

“By becoming a foundation, our board believes Independence Media can increase its impact on the Philadelphia area,” said Rene DeGeorge Smith, chair of the Independence Media Board of Directors. “We take the responsibility of investing and deploying more than $131 million very seriously and will be careful with our focus, our decision-making and our evaluation of success.”

Independence Media is continuing work on a strategic plan that will guide the transition to a foundation.

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Click here to read the full Press Release