Sharing this news from CNBC. Source https://www.cnbc.com/2019/01/15/reuters-america-facebook-to-invest-300-million-to-help-local-news-survive.html
- Facebook will invest $300 million over three years into local news around the world.
- The company has been criticized for its role in contributing to the decline of local news and the rise of misinformation online.
- Unlike previous news investments, this one will not be tied to Facebook-related products, according to recipients of the investment.
Facebook will invest $300 million over three years in local news globally as it faces blistering criticism over its role in the erosion of the news business worldwide.
The investment in time and money is a significant expansion of a plan to help newsrooms in the U.S. and abroad create and sustain viable business models to survive, the company said on Tuesday.
Unlike earlier investments in the news business, this latest round is distinguished by how it is not tied to Facebook-related products, recipients of the investments say.
Earlier rounds of investments in the news business were designed to encourage publishers to rely on delivering its products over Facebook, which eventually hurt many news organizations when Facebook’s strategies shifted.
“We’re going to continue fighting fake news, misinformation, and low quality news on Facebook,” Campbell Brown, Facebook’s vice president of Global News Partnerships said in a statement. “But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive.”
Critics have slammed Facebook for its role in providing a platform for hate speech, misinformation and political meddling.