This study investigates the risks of new business models to journalistic integrity within Portuguese media companies in relationships with public entities. As traditional revenue streams decline, media groups increasingly turn to sponsored and branded content and other commercial strategies, blurring the boundaries between editorial independence and advertising. This paper explores contracts between media companies and Portuguese public entities to assess potential risks posed to journalism’s autonomy. Using a document analysis of contracts registered in Portugal’s transparency portal between 2016 and 2023, findings reveal a significant portion of media income derived from public contracts, with an upward trend during election years and the COVID-19 pandemic. The analysis shows a diversification in agreement purposes, from traditional advertising and subscription/sale of printed and digital copies to the production of promotional content for public entities, thus raising concerns about transparency and ethical boundaries in journalism. This study emphasizes the need for policies ensuring transparency and safeguarding journalistic standards amidst evolving media business strategies
