The platformization of digital media is linked to various crises in digital journalism. At stake are values that define journalism as a multi-layered activity with economic as well as democratic functions. The reinvention of digital journalism is therefore also a reformulation of its normative requirements and self-image. The article argues for a threefold interpretation of the concept of fairness to transform this normatively indeterminate situation into a more definite one. We tie the term back to empirical processes of co-valuation, in which the distributed actors who jointly constitute digital journalism attempt to pragmatically clarify questions of their economic balance (pricing), the anchoring of suitable socio-technical infrastructures (design) and the sustainable safeguarding of critical competencies (cultivation). Thus, we provide a substantial set of tools for the analysis and critical assessment of current developments as well as normative proposals in digital journalism.