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In recent years, media organizations globally have increasingly benefited from financial support from digital platforms. In 2018, Google launched the Google News Initiative (GNI) Innovation Challenge aimed at bolstering journalism by encouraging innovation in media organizations. This study, conducted through 36 in-depth interviews with GNI beneficiaries in Africa, Latin America, and the Middle East, reveals that despite its narrative of enhancing technological innovation for the media's future, this scheme inadvertently fosters dependence and extends the philanthrocapitalism concept to the media industry on a global scale. Employing a theory-building approach, our research underscores the emergence of a new form of 'philanthrocapitalism' that prompts critical questions about the dependency of media organizations on big tech and the motives of these tech giants in their evolving relationship with such institutions. We also demonstrate that the GNI Innovative Challenge, while ostensibly promoting sustainable business models through technological innovation, poses challenges for organizations striving to sustain and develop these projects. The proposed path to sustainability by the GNI is found to be indirect and difficult for organizations to navigate, hindering their adoption of new technologies. Additionally, the study highlights the creation of a dependency syndrome among news organizations, driven by the perception that embracing GNI initiatives is crucial for survival in the digital age. Ultimately, the research contributes valuable insights to the understanding of these issues, aiming to raise awareness among relevant stakeholders and conceptualize philanthrocapitalism through a new lens. [ABSTRACT FROM AUTHOR]