Facebook says it is making by far its biggest investment yet into struggling sectors of the news industry. On Tuesday the company is announcing a three-year commitment to invest $300 million in “news programs, partnerships and content.”
Some of the funds will go directly to nonprofit organizations like the Pulitzer Center and Report for America. The cash infusion will also dramatically expand Facebook’s existing effort to help news websites convert readers into paying subscribers.
“We don’t want publishers to be dependent on us, but we do want to support them,” Campbell Brown, Facebook’s Vice President of global news partnerships, said in a telephone interview.
Facebook just announced a 3-year plan to pour $300 million into “news programs, partnerships and content,” with a big focus on local news. Here’s my full story… https://t.co/EbeGeSrb56
— Brian Stelter (@brianstelter) January 15, 2019
To address the crises of local news and declining trust in media, we need everyone—from philanthropy and industry to academia and internet platforms—to be at the table. More about @facebook‘s new support for a @lenfestinst/Knight journalism initiative. https://t.co/DZHUPKDrU9
— Knight Foundation (@knightfdn) January 15, 2019