Media Development Investment Fund (MDIF)

Media Development Investment Fund (MDIF) is a nonprofit investment fund that provides “debt and equity financing” to media companies in war-torn regions and countries with authoritarian governments. 1 MDIF aligns itself with the United Nations’ “Agenda 30” sustainable development goals. 2 It has received money from billionaire George Soros’s Open Society Foundations in the past.

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At-A-Glance

Type: Non-profit, 501(c)(3)
Issue Areas: Tech Policy
Website: www.mdif.org
Formation:

1995

Tax ID: 13-4052259
Most Recent Filing: 2024
Budget (2024): Assets: $53,784,766 Revenue: $14,728,288 Expenses: $13,882,026

Contents

    Background

    Media Development Investment Fund was founded in 1995 as the “Media Development Loan Fund” by Serbian journalist Sasa Vucinic and U.S. correspondent Stuart Auerbach. In 1999, the organization made its first equity investment in small Slovakian newspaper SME. It later began providing equity support, loan guarantees, and startup capital. It changed its name to Media Development Investment Fund in 2013, to reflect that the organization provides more technical services than just loans. By 2020, MDIF had been responsible for more than $250 million in loans and other investment schemes taken on by small media groups. 3

    MDIF is based in New York City 1 but also has a location in Prague, Czech Republic. 1

    Activities

    Media Development Investment Fund categorizes its clients according to what type of fund they receive. It has a General Fund, which is its original “evergreen” fund, responsible for giving $100 million in debt to media ventures in 40 countries; an Emerging Media Opportunity Fund, a $12.9 million private equity fund that provides capital to early-to-mid stage media companies in emerging markets in countries such as India, Brazil and Indonesia; MDIF Media Finance I, a “blended-value loan fund” that gives loans to media companies in OECD-DAC countries including Malawi, Serbia, Ukraine, and India; and MDIF Ventures, which invests in beginner companies with “positive social impact” using a $3.8 million seed fund that is not open to investors. 4

    As of June 2022, MDIF had given $248 million in loans and equity investments, $36.4 million in technical assistance grants, $46.2 million in interest, dividends and capital gains, and had collected $78.3 million in recovered principal invested. 5 It has invested in 143 clients in 46 countries. Some of its clients as of October 2022 included Agora (Poland), Capital Radio (Malawi), Colab (Brazil), Daily Maverick (South Africa), El Faro (El Salvador), El Mostrador (Chile), GK (Ecuador), Gram Vaani (India), LIGA (Ukraine), Melitopolskie Vedomosti (Ukraine), OK Radio (Serbia), Red/Accion (Argentina), and Volume (South Africa). 6

    Funding

    MDIF has received funding from the Craig Newmark Foundation ($100,000 in 2017), 7 the Pulsera Project (2018), 8 and the Harold and Marilyn Melcher Foundation ($1,000 in 2020). 9

    MDIF is funded by the Adessium Foundation, Fritt Ord Foundation, King Baudouin Foundation, Open Society Foundations, the Reva & David Logan Foundation, Wyncote Foundation. Its investors include Arjuna Capital, Bank Vontobel, Calvert Impact Capital, Investment Fund for Developing Countries (IFU), New Island Capital, and the Open Society Foundations-related South Eastern Development Foundation (SEDF). 10

    Leadership

    MDIF was founded by Serbian journalist Sasa Vucinic and U.S. correspondent Stuart Auerbach. Auerbach died in 2003. Vucinic worked as managing director from 1995 to 2011. 3 As of 2022, Richard Atterbury was the organization’s board chair. 11

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $53,784,766 $14,728,288 $13,882,026 View
    2023 $55,733,188 $17,721,633 $14,856,496 View
    2022 $52,100,631 $26,183,313 $10,711,361 View
    2021 $33,183,431 $9,110,423 $11,128,245 View
    2020 $32,013,095 $10,012,583 $11,535,736 View

    Prior year filings: 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011

    Revenue Detail

    Expenses Detail

    Employee Compensation

    • Number of Employees: 10

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Harlan MandelCHIEF EXECUTIVE OFFICER$319,448
    Dan MargoshesCHIEF FINANCIAL OFFICER$246,419
    Patrice SchneiderCHIEF STRATEGY OFFICER$215,296
    Elena PopovicSECRETARY/GENERAL COUNSEL$201,637
    Joanna RozyckaCHIEF INVESTMENT OFFICER$192,317
    Premesh ChandranSENIOR ADVISOR TO CEO (OUTGOING)$176,000
    Grzegorz KossakowskiINVESTMENT DIRECTOR OF EUROPE$160,074
    Bilal RandereePROGRAM DIRECTOR$158,075
    Meredith MoloughneyCHIEF OF STAFF$131,893
    Marie NemcovaCHIEF OPERATING OFFICER$103,354

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $109,464,260
    • Number of Grants: 93
    • Number of Funders: 24

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $25,000,0002023 Open Society Foundationto provide general support
    $5,000,0002024 Open Society FoundationTO PROVIDE GENERAL SUPPORT
    $4,650,0002022 Open Society FoundationTo provide general support
    $4,650,0002021 Open Society Foundationto provide general support
    $4,000,0002021 John D. and Catherine T. MacArthur FoundationTo strengthen the revenue generation skills and sustainability of Nigerian media organizations.
    $986,2542022 Stichting Democratie en Media
    $846,6082020 Luminate Foundation IncProgram support for global independent media organisations.
    $814,0442023 Limelight FoundationThis grant strengthens Pluralis, a multi-stakeholder investment facility that supports media plurality in Europe by investing in independent media companies at risk of capture or already captured by governments and vested interests.
    $800,3602023 Rockefeller Philanthropy Advisors, Inc.GENERAL
    $689,1502022 Foundation to Promote Open SocietyTo provide funding and supportive services to independent Polish media start ups To strengthen the independent media scene in the country
    $500,0002023 Silicon Valley Community Foundation
    $500,0002023 THE SKOLL FUNDCivil Participation
    $420,0002022 Soros Economic Development FundTO SUPPORT INDEPENDENT MEDIA COMPANIES THAT PROVIDE TIMELY, ACCURATE, AND RELEVANT NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD MORE OPEN, EQUITABLE AND FREE THRIVING SOCIETIES
    $340,0002023 Soros Economic Development FundTO SUPPORT INDEPENDENT MEDIA COMPANIES THAT PROVIDE TIMELY, ACCURATE, AND RELEVANT NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD MORE OPEN, EQUITABLE AND FREE THRIVING SOCIETIES
    $300,0002024 Foundation to Promote Open SocietyTO PROVIDE GENERAL SUPPORT
    $300,0002023 Foundation to Promote Open Societyto provide general support
    $250,0002022 Tides FoundationEQUITY, HUMAN RIGHTS, AND ECONOMIC EMPOWERMENT
    $250,0002021 Luminate Foundation IncTo provides financial and venture support to independent media organisations all over the world.
    $225,0002020 Reva and David Logan FoundationGENERAL OPERATING FOR IDL REPORTEROS
    $200,0002024 Luminate Foundation Incto help independent media thrive and safeguard editorial independence.
    $200,0002023 Luminate Foundation Incto help independent media thrive and safeguard editorial independence.
    $185,0002024 Silicon Valley Community Foundation
    $185,0002024 THE SKOLL FUNDCIVIL PARTICIPATION
    $175,0002022 Reva and David Logan FoundationIDL-REPORTEROS
    $160,0002022 Wyncote FoundationSUPPORT FOR ONGOING PROGRAMS

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $6,942,162
    • Number of Grants: 235
    • Number of Recipients: 8

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $820,3752022 Multiple ASIA RecipientsTA GRANT
    $774,0912020 Multiple ASIA RecipientsTA GRANT
    $225,7182022 Multiple Europe Recipients
    $225,0002020 Multiple SOUTH AMERICA RecipientsTA GRANTS
    $175,0002022 Multiple SOUTH AMERICA RecipientsTA GRANT
    $160,0002022 Multiple North America RecipientsTA GRANT
    $139,7502022 Multiple Europe RecipientsTA GRANT
    $86,0002022 Multiple Europe RecipientsTA GRANT
    $79,4322023 Multiple Sub-Saharan Africa RecipientsTA GRANT
    $75,0002021 Multiple SOUTH AMERICA RecipientsTA GRANT
    $68,5002021 Multiple Europe RecipientsTA GRANT
    $63,9002023 Multiple Europe RecipientsTA GRANT
    $58,0002021 Multiple SOUTH AMERICA RecipientsTA GRANT
    $50,0002023 Multiple AFRICA RecipientsTA GRANT
    $50,0002022 Multiple Europe RecipientsTA GRANT
    $50,0002020 Multiple Sub-Saharan Africa RecipientsTA GRANT
    $44,0002023 Multiple SOUTH AMERICA RecipientsTA GRANT
    $43,5002020 Multiple Europe RecipientsTA GRANT
    $43,0002023 Multiple AFRICA RecipientsTA GRANT
    $43,0002023 Multiple Europe RecipientsTA GRANT
    $40,0002023 Multiple AFRICA RecipientsTA GRANT
    $37,0002021 Multiple AFRICA RecipientsTA GRANT
    $36,0002021 Multiple AFRICA RecipientsTA GRANT
    $35,6992024 Multiple Europe RecipientsTA GRANT
    $35,0002022 Multiple Europe RecipientsTA GRANT

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1.  “About.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/about/.
    2. “Media and Agenda 2030.” Media Development Investment Fund, September 19, 2022. Accessed October 2, 2022. https://www.mdif.org/media-and-agenda-2030/.
    3. “Our Story.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/about/mission/our-story/.
    4. “Funds.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/about/funds/.
    5. “Track Record.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/impact/track-record/.
    6. “A selection of companies we currently work with.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/portfolio/companies/.
    7.  Return of Organization Exempt from Income Tax (Form 990). Craig Newmark Foundation. 2017. Part XV, grants and contributions. Accessed October 2, 2022.
    8. [1] Return of Organization Exempt from Income Tax (Form 990). Pulsera Project. 2018. Part III, 4a. Accessed October 2, 2022.
    9. Return of Organization Exempt from Income Tax (Form 990). Harold and Marilyn Melcher Foundation. 2020. Part XV, grants and contributions. Accessed October 2, 2022.
    10. “Funders and Investors.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/about/funders-and-investors/.
    11. “Board.” Media Development Investment Fund. Accessed October 2, 2022. https://www.mdif.org/about/board/.