Facebook will be investing $300 million over the next three years in local news programs, partnerships and other initiatives, The New York Post reports.
“The money will go toward reporting grants for local newsrooms, expanding Facebook’s program to help local newsrooms with subscription business models and investing in nonprofits aimed at supporting local news,” The Post reports. “The move comes at a difficult time for the news industry, which is facing falling profits and print readership. Facebook, like Google, has also been partly blamed for the ongoing decline in newspapers’ share of advertising dollars as people and advertisers have moved online.”
The report quotes Campbell Brown, Facebook’s head of global news partnerships, saying the company “can’t uninvent the Internet,” but adding that Facebook wants to work with publishers to help them succeed on and off the social network.
“The industry is going through a massive transition that has been under way for a long time,” Brown is quoted saying. “None of us have quite figured out ultimately what the future of journalism is going to look like but we want to be part of helping find a solution.”
The Post adds: “The $300 million investment includes a $5 million grant to the nonprofit Pulitzer Center to launch ‘Bringing Stories Home,’ a fund that will provide local US newsrooms with reporting grants to support coverage of local issues. There’s also a $2 million investment in Report for America as part of a partnership aiming to place 1,000 journalists in local newsrooms across the country over the next five years.”