Amid the ongoing economic crisis in local journalism, philanthropic foundations have emerged as a key funder for news and information in the United States. Over the last two decades, both the number of foundations involved in funding journalism and the size of their grantmaking has grown considerably. Despite the influx of funding and the growing role of philanthropy in the journalism industry, the existing scholarly research on the topic is limited. This dissertation aims to contribute to this gap in the literature, using a political economic framework and qualitative research methods to examine 1) how and why journalism emerged as a philanthropic cause, 2) the mechanisms by which institutional funders support journalism, and 3) the tension points emerging between the institutions of journalism and philanthropy. This research points to several findings regarding the current state of journalism philanthropy in the U.S. First, the archival research in Part I (Chapters 1-3) indicates that while journalism philanthropy has grown significantly in recent years, the practice itself is not new. Drawing on case studies of three foundations involved in philanthropic funding for news in the mid- to late-20th century — the Markle Foundation, the Ford Foundation, and the Knight Foundation — this dissertation shows that institutional philanthropy has long supported the kinds of journalism (and journalism-related initiatives) that the market would not otherwise support. This section also establishes clear linkages between philanthropic support for the American public media system in the mid-20th century and the emergence of the digital-first nonprofit news sector some five decades later. Second, the interview-based research in Part II (Chapters 4-6) adds nuance to the existing literature by illustrating that there are distinctly different kinds of journalism philanthropy, each of which carry implications for the news organizations and industry groups that receive such funding. Moreover, drawing on in-depth interviews with 62 funders and grantees from across the country, this dissertation points to some of the ways in which the institutions of journalism and philanthropy are coming into conflict. Where possible, this research also points to potential solutions and offers concrete takeaways for journalism scholars, practitioners, and funders.