Facebook pledged to invest $100 million to support the news industry amid the coronavirus crisis, including $25 million in emergency grant funding for local news and $75 million in marketing spending. More details:
"At a time when journalism is needed more than ever, ad revenues are declining due to the economic impact of the virus," the social media giant says.
The capital injection includes $25 million in emergency grant funding for local news through the Facebook Journalism Project, and $75 million in marketing spend "to move money over to news organizations around the world." Added the company: "Through the COVID-19 Community Network grant program, direct funding is helping journalists cover important stories when we all need them most. We're building on this work and will direct a portion of these funds to publishers most in need in the hardest hit countries. The first round of these grants went to 50 local newsrooms in the U.S. and Canada.
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