SDLP Finance spokesman Matthew O'Toole has welcomed a recovery plan from the National Union of Journalists (NUJ).
The South Belfast MLA has also raised the issue of support for local media with Finance Minister Conor Murphy.
Mr O'Toole said he agreed with the NUJ's assessment that there was no time to waste in rescuing the media industry.
"The executive must act urgently to save our local, regional and community media from a complete collapse," he said.
"We are facing a crisis in our local media which threatens not just the people who own papers, but the resilience of the local communities they serve. Local and regional papers are not just sources of information, though that itself is vital, they are the meeting point of people and places.
"They bind communities together, mitigate against isolation and provide something close to an essential service. It is unthinkable that they would be allowed to collapse."
