The Graduate School of Journalism at the City University of New York (CUNY) is creating a new centre for entrepreneurial journalism and will offer a two-year Master of Arts degree in the field.

The Tow-Knight Center for Entrepreneurial Journalism will invest in research into new business models for news. It will also support journalism start-ups and help in educating students and working journalists in business management.

The Masters course will be offered as a continuation of CUNY's existing three-semester MA Journalism course.

The centre will receive grants of $3m each from the Tow Foundation and from the John S and James L Knight Foundation.

Jeff Jarvis, head of CUNY's interactive programme, will direct the new centre.