Facebook has announced a plan to invest $100 million in news outlets during the COVID-19 pandemic. One quarter of the investment will be used to support local news emergency grants through the Facebook Journalism Project. The remaining $75 million will be used to “to move money over to news organizations around the world.”
“The news industry is working under extraordinary conditions to keep people informed during the COVID-19 pandemic. At a time when journalism is needed more than ever, ad revenues are declining due to the economic impact of the virus. Local journalists are being hit especially hard, even as people turn to them for critical information to keep their friends, families and communities safe,” the social media giant stated.
“This money will not only help keep journalists reporting right now amidst the crisis, the funding will also fuel opportunities for local media to accelerate business transformation toward a more sustainable digital footing,” Local Media Association CEO Nancy Lane added.
Prior to this investment, Facebook invested $100 million into “diverse and inclusive news programs and partnerships.” Facebook CEO Mark Zuckerberg has also donated $25 million to support COVID-19 research.