Texas Tribune, CalMatters, Montana Free Press, Mission Local -- there are a lot of very successful nonprofit newsrooms throughout the country.
It's actually more stable than ad-supported business models because small donor subscription revenue is consistent (like a SaaS business), unlike ad revenue which is much more volatile.
I don't know, what are they funded by? Is that how AP is funded? The NY Times, WSJ, FT and many others are now funded by subscriptions. Your claim from a few comments up doesn't seem to match reality:
> That is unrealistic and not sustainable without an ad model or being funded by a company doing over a billion dollars in revenue already.
It's actually more stable than ad-supported business models because small donor subscription revenue is consistent (like a SaaS business), unlike ad revenue which is much more volatile.