Local and community media have struggled to achieve economic viability, leading to extensive scholarly, policy and public discussion in South Africa and internationally. Responding to this discussion, the chapter takes a close look at the economic realities facing community radio stations and independent local newspaper publishers operating on the socio-economic margins and the business models that have evolved in response. Drawing on a range of sources, including previously published data, interviews, on-site observation, content analysis and surveys, the chapter considers main cost drivers and income sources. The chapter shows that the business models that have emerged in South Africa are marked by high levels of precarity and by an overwhelming dependence on commercial income, with most state support also provided through the purchase of airtime. Other forms of support, including direct community support, play a much smaller role. The models show strong involvement by the state, and are substantially similar between print and radio, even though the latter is required by law to operate on a non-profit basis. Contextual factors, including the lack of alternatives, policy choices and poor socio-economic contexts, have brought a model into being that departs significantly from normative ideals about community media.