I think that wealthy people also don't want to fund progressive media outlets that will investigate and criticize the wealthy. they may have other excuses or even reasons, but I think that's a major disincentive.

RE: https://bsky.app/profile/did:plc:d3v6hjby4ks6xw27gbzkeihl/post/3mi34covfl22f
the right can fund media outlets and they know their sycophants will just go after immigrants and trans people. if you fund pro publica and TNR, there's a decent chance they're going to eventually come for you and/or your friends.
zionism is actually a big deal too. older people with money (Jewish and non Jewish) are a lot more likely to be Zionists and they don't necessarily want to fund people critical of Israel.
there are other issues too. the wealthy—even if they're liberal/left—just have a lot of reasons not to want to fund progressive media.