San Francisco: Facebook has announced to invest over $300 million over the next three years to support local news organisations. In a blog post, Campbell Brown, Vice President, Global News Partnerships, said that Facebook wants to support local journalists and newsrooms with their news gathering needs in the immediate future and help these organisations build sustainable business models, through both its product and partnership work.
"We heard one consistent answer: people want more local news, and local newsrooms are looking for more support. That`s why today we`re announcing an expanded effort around local news in the years ahead," Brown said late on Tuesday.
In 2018, Google also committed $300 million for over three years to strengthen quality journalism, support sustainable business models and empower newsrooms through technological innovation.
It was also committing to spend $300 million over the next three years on its various journalism-related projects. According to Facebook, it would invest $300 million in news programmes, partnerships and content.
Among the components is a Pulitzer Centre -- a $5 million endowment gift to launch "Bringing Stories Home", a gift that will provide local newsrooms across the US with reporting grants to foster coverage on topics that affect local communities.
"Report for America" is a $2 million investment in the initiative to place 1,000 journalists in local newsrooms across America over the next five years. "This year, we`ll commit over $20 million to continue our local `Accelerator` programme in the US and to expand the model globally, including in Europe," said Brown.