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“Right now journalists are working under very difficult conditions to keep their communities informed, and many news organizations are struggling due to the economic impact of the outbreak,” CEO Mark Zuckerberg says
Facebook pledged $100 million on Monday to help support news outlets who have seen their businesses impacted by the coronavirus pandemic.
In a post on his Facebook page Monday, CEO Mark Zuckerberg said the company wants to emphasize assisting local news outlets in particular, and has committed $25 million in “emergency grant funding” to make this happen.
“Right now journalists are working under very difficult conditions to keep their communities informed, and many news organizations are struggling due to the economic impact of the outbreak,” Zuckerberg said.
Another $75 million in marketing spend has been allocated for the project, as many outlets have seen their advertising dry up as businesses are decimated by the coronavirus outbreak.
Facebook, in a blog post on its $100 million commitment, didn’t have details on how the funds will be allocated or how news organizations can apply for financial help.
The company said the first batch of funding will go towards companies in the U.S. and Canada, and highlighted a few outlets, like The Post and Courier in South Carolina, that are already set to receive funding through its COVID-19 Community Network grant program.
Facebook pointed out The Post and Courier has dropped its paywall on all COVID-19 stories and will use the money to extend its local coverage.
Monday’s announcement adds to the $300 million Facebook has already committed to news organizations.
