Facebook invests 100 mln USD in journalism amid COVID-19 crisis

Facebook on Monday announced 100 million U.S. dollars in investment to support the news industry in the wake of the COVID-19 crisis.

The investment includes 25 million dollars in emergency grant funding for local news through the Facebook Journalism Project and 75 million dollars in marketing to get money to publishers around the world.

As ad revenues are declining due to the economic impact of the virus, the news industry is working under extraordinary conditions to keep people informed during the COVID-19 pandemic, the company said in a statement.

The direct funding is to help journalists cover important stories through the COVID-19 Community Network grant program. A portion of funds will be directed to publishers in the hardest-hit countries. The first round of these grants went to 50 local newsrooms in the United States and Canada, it said.

"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," said Nancy Lane, CEO of the non-profit Local Media Association. Enditem