This chapter explores longstanding tensions between the private and public media sectors in the UK, focusing on new entrants to the ‘market’ or media landscape: hyperlocal and community websites and groups. Drawing on empirical evidence gathered by a collaborative research project and a range of policy and academic texts, it explores the benefits and drawbacks of a number of possible policy options for invigorating and sustaining local media, including methods of public subsidy, the development of charitably funded media, and the development of inter-organizational partnerships. It also considers a broader theoretical question about the assumptions of the ‘marketplace’ model used to develop pluralism-friendly policy: to what extent does this metaphoric terminology hinder the protection of media plurality and diversity of voices and editorial content?