I eagerly await the announcement of Newmark funding an ambitious local news initiative. That would be a way to put critical information in front of millions of people. This initiative may also be important, but it doesn't do anything to fill the void of local investigative reporting and press accountability created when Craigslist denuded local newsrooms.
One problem is that local news doesn't scale. Nothing really replaces local reporters developing sources and attending a lot of boring selectman, zoning, etc. meetings. I live in a small town that had a "labor of love" local paper for a while but it went out of business and now there's effectively no local coverage.
It's not my money, so clearly knowing how best to use it comes easily to me.