What is "local news"? The term gets thrown around...a lot...but nobody seems to define it

I saw earlier today that the Knight Foundation is contributing $300 million toward "rebuilding local news." I read the article published by Poynter. I was selfishly hoping to find a definition of "local news." It wasn't there. I see the term "local news" being tossed around a lot lately. It's become too ambiguous. I contend that at the grassroots level, audiences and media workers maintain a different meaning of the term than do their brethren who work for, follow, or study the larger media outlets.  I also think it's time to consider the following: What does "local news" mean in the emergent media era?