Facebook said Monday that it will invest $100 million to help support the news industry during the coronavirus pandemic: $25 million in emergency grant funding for local news via its Facebook Journalism Project, and $75 million in additional market spending to help move money to news organizations globally. (Adweek)
The money announced Monday will come on top of $300 million that Facebook, one of the world’s largest tech platforms and a critical digital news gatekeeper, pledged last year to invest in local news by the end of 2021. (NYT)
The company said: “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.” (THR)
Beneficiaries include the Post and Courier in Charleston, S.C.; the Southeast Missourian in Cape Girardeau, Mo.; and El Paso Matters in Texas. (Variety)