Steven Waldman is a journalist and digital entrepreneur. As senior advisor to the chair of the Federal Communications Commission, he authored a landmark study on local media. Earlier in his career he wrote The Bill, about the passage of the law creating AmeriCorps, and subsequently served as senior advisor to the CEO of the Corporation for National and Community Service. This article is adapted from a longer white paper, which can be found here. You can watch Waldman discuss his proposal June 16, 2015 at 9:30 a.m. at the Engage Local conference sponsored by Montclair State’s Center for Cooperative Media. You can follow the livestream here and join the Twitter conversation at #engagelocal.