This report is based on a detailed analysis of 18 nonprofit news organizations between 2010 and 2012, and their progress towards sustainability. An earlier version of this document was shared with discussants at a roundtable co-hosted by Knight Foundation and the Pew Research Center on Sept. 20, 2013. The discussion included a group of thought leaders, practitioners and funders in the nonprofit news field. Insights from the discussion were used to inform this report. The report is organized into three sections that reflect areas considered essential to sustainability: Social value creation -- The ability to create unique and relevant content, and to attract, understand and engage audiences in ways that produce measurable impact. Economic value creation -- The ability to grow multiple revenue streams to support the mission of creating content, engagement and impact. Organizational capacity -- The infrastructure, resource allocation and skills that enable an organization to adapt and innovate as it creates social and economic value.