Earlier quoted context omitted.
The real power move would be to start targeting prospective students. Universities will start caring of enrolment goes down.
They might not care even then. Journalism is an interesting case study. Their revenues went into sharp decline around the start of the century, dropping by more than 50% in some cases. Concurrently polls showed trust in journalism was plummeting, that people were tuning out because they felt that what they read wasn't reliable. Journalism didn't solve this problem by rebuilding trust and their audience. Instead they…
I'm sure non-profit sponsorship has it's own issues, but I don't think those issues are particularly new or unique or transformative.
The demand side is arguably the more intractable issue with journalism, since loads of people don't select for truth or importance in their news - or at least not very carefully. The institutions that seem to hold up the best are the ones with the broadest audiences.
On the issue of public trust in journalism, I don't think it's actually a function of the quality or trustworthiness of journalism. I think it has more to do with the rise of radical right-wing propaganda infotainment, a core pillar of which was (and is) delegitimizing mainstream media (and academic) institutions. The mistrust was created and cultivated. Consequently, there's not much they can do to regain trust, except to work harder at discrediting the radical right-wing propaganda that has been flooding all the zones for the past several decades.