I also see little hope in collective bargaining with FB/Google/etc. I don't want a world in which good journalism is funded by, and so depends upon, mass propagandists. While these things exist, we could tax the fuck out of them to fund something else. When, gratefully they don't, we'd still fund.
The LJI approach (@deanbaker13.bsky.social proposes something similar) strikes me as broadly the kind of thing we want. I'd go for the 1% of GDP rather than 0.15%, and want support for topical and national journalism, not just local. But the basic idea/structure is about the best we have for now.
(I really didn't like this sentence, though: "And if people elect to have disingenuous local news media? Just like elections in general, that is the possibility in a democracy." Misreads both what democracy means and we should accept of journalism. Election does not render a tyranny a democracy. )
(That's quibbling annoyingly over what's mostly a throwaway line. The substantive point is, if an electoral or allocative procedure that funds journalism proves not to finance a diverse, high quality ecosystem, that is not to be shrugged off as "democracy" but remedied by reconsidering institutions)