1998年的「烈火莫熄」催化互聯網的普及性和催生網路新聞業，而2008年第12屆全國大選結果似乎又「激勵」了更多有心人士進場創建新聞網站，各語文版本和風格各異的網媒相繼冒出來，標誌著網路新聞業進入熱絡的階段，恰好是馬來西亞網媒沿革第二個十年之伊始，卻也處於一種「盛景中的窘境」，相繼傳出網媒停擺或所有權易手的消息。這種「盛景中的窘境」，反映的是網路新聞業所面對的一個殘酷現實：尚未能如傳統媒體那樣找到一套成熟、有利可圖的業務模式。至此，有一個值得集思廣益的問題是，有無可能在政府介入市場運作和依賴點擊率換算廣告收益之外建設第三個選項，創建且維持一個「理想類型」（ideal type）的獨立新聞網站，既能體現資金多元化、透明化，以及所有權公共化，又可避免過度商品化和成為點擊率誘餌的俘虜，犧牲內容深度。本文旨在提出作者對此問題的初步想法，冀望經由集思廣益和後續的深入研擬，探索以「擔保責任有限公司」（Company Limited By Guarantee）的模式創建「民營」的公共網媒之可能性。

The Reformasi Movement in 1998 catalyzed the popularity of the Internet and the emergence of online journalism, while the outcome of the 12th General Election in 2008 seemed to have ＂encouraged＂ more players to establish news portals in various languages and models. This took place at the beginning of the second decade of the emergence of Malaysian online media industry, and marked the ushering in of a vibrant phase of online journalism. Such development, nevertheless, also represented a period of ＂dilemma in vibrancy＂, characterized by news portals forced to cease operation or being taken-over one after another. This ＂dilemma in vibrancy＂ reflects a harsh reality confronted news portals: They have yet to find a mature and profitable business model as traditional media. Thus, the question in contention - beyond the governmental policy intervention over marketplace and the reliance on hits-based advertising revenue, what is the possibility of establishing and sustaining an ＂ideal type＂ of independent news portal, which is publicly owned with diversified and transparent funding and devoid of the problem of over commercialization and becomes captive of clickbait at the expense of content quality? This essay aims to forward a preliminary proposal on establishing a public service news portal with public fund via the means of setting up a Company Limited By Guarantee.