In this live recording from the International Journalism Festival in Perugia, Italy, I debated Peter Erdelyi, director of the Center for Sustainable Media, about the role of state subsidies in building sustainable media businesses. Chapters: 00:00 Beehiiv Sponsor Story 01:29 Intro 07:36 TRB at The International Journalism Festival 09:22 Hungary Media Capture 12:00 Decentralized Info Economy 15:36 Subsidies and Bad Incentives 20:44 Billionaires and Influence 22:35 OpenAI Buys TBPN 26:51 Institutions vs Individuals 29:28 New Subsidy Models