This law establishes a new support system for privately-owned media in Iceland to strengthen their democratic role. A three-member allocation committee, appointed by the minister, evaluates applications and distributes operational support to media outlets that meet certain criteria, such as operating with a license for at least 12 months and employing at least three full-time staff for news gathering. The support aims to cover part of the costs associated with gathering and distributing news and news-related content. The law applies to privately-owned news and broadcast media, including print, online, audio, and video media, that meet specified operational and staffing requirements.