Facebook Pledging $100 Million To Support News Organizations Impacted by Advertising Declines

Source: Facebook

On Monday, Facebook announced $100 million in financing for news organizations and local publishers around the country. The pledge guarantees $25 in grants and $75 million for a marketing drive aimed at helping global news organizations.

Despite an uptick in traffic due to the coronavirus, news outlets are hurting as advertising revenues have dropped significantly. Facebook said the first round of its grants went to 50 local newsrooms in the United States and Canada.

Campbell Brown, Facebook’s vice president for global news partnerships, said in a post, “If people needed more proof that local journalism is a vital public service, they’re getting it now.”

“We’re going to try to ensure that the dollars keep flowing to those news organizations that are hardest hit in the moment that we so desperately need them,” Brown added in an interview with NPR.

BuzzFeed and American Media Inc. have instituted pay cuts. In Louisiana, The Advocate and The Times-Picayune have furloughed some staff and put the rest on four-day workweeks.

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Source: Equities News