Press subsidies and “public stations” such as NPR and PBS already play important roles in informing the American public, and public funding of the news is more crucial now than ever. Given these facts, it is important to explore the First Amendment limits that do or should apply to content-based funding conditions on news reporting. Elsewhere, I have argued that an anti-distortion principle can be discerned in parts of the First Amendment case law involving government subsidies and forums. This principle constrains the government from restricting speech in a manner that would distort the nature of a communicative good that it purports to provide. The principle, however, is underdeveloped. Judicial precedent says little about why anti-distortion matters from a free speech perspective, and it also fails to provide much guidance as to how to determine the nature of a forum or institution. These shortcomings make the anti-distortion principle vulnerable to misuse and especially to being overtaken by an expanding government speech doctrine. I seek to make headway toward filling these gaps in this chapter, focusing on the example of state-subsidized journalism.