Facebook is helping news outlets as ad revenues decline.
Image by Pixabay/Illustration by CNET
Facebook on Monday said it would invest $100 million in the news industry, as outlets across the globe scramble to cover the coronavirus outbreak. It’ll give $25 million in grant funding to local news organizations in the US and Canada through its Journalism Project, while $75 million will be spent on the social network’s own marketing push.
“If people needed more proof that local journalism is a vital public service, they’re getting it now,” Facebook said in its release.
As cities go into lockdown to curb the spread of the virus, all but essential businesses are being forced to close their doors. Along with the immediate economic impact, Facebook noted that news outlets’ ad revenues are declining even as more people turn to them to stay informed about the outbreak.
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