Announced at the Otago Daily Times building in Dunedin, the contestable fund was intended to support community and investigative reporting, Broadcasting and Media Minister Kris Faafoi said.
Those forms of reporting had been in decline for a decade or more but were vital to keep New Zealanders informed and engaged.
"Covid-19 and the lockdowns last year highlighted the important role our media plays in providing up-to-dated, independent and trusted information to the public.
‘‘We want to ensure that kind of coverage, is supported and developed across all community levels, where media operations have often cutback resources to reduce their costs.”
Last year the Government provided several million dollars support to media companies, most of which went to broadcasters.
Mr Faafoi said the fund would be available to all media, from major companies to small, local entities, Maori, Pacific and ethnic media.
The fund would be overseen by NZ On Air, and was intended to support projects which filled a public interest service and would otherwise be at risk or not produced without the additional money.
"The key concepts of the fund have been developed alongside independent media experts and work is under way to gain further feedback from across the sector," Mr Faafoi said.
‘‘These insights will help inform the detailed design and delivery of the fund."
This financial year $10 million would be available, followed by $25 million in 2021/22, and $20 million in 2022/23.
Further details of the fund would be available late next month, with applications expected to open in April.
