Facebook invests $100M in journalism as COVID-19 makes it more vital than ever

Illustration by James Bareham / The Verge

Facebook has pledged to invest $100 million in the news industry at a time when the ongoing coronavirus pandemic means that accurate reporting is more important than ever. $25 million will be provided in grant funding for local news through the Facebook Journalism Project, while the remaining $75 million will come in the form of “additional marketing spend” to worldwide news organizations.

Publishers are expected to be hit hard by the economic fallout of the novel coronavirus outbreak. The advertising revenue that many publishers rely on is being squeezed, as companies slash marketing budgets amidst financial uncertainty. Research firm eMarketer has lowered its growth projections for worldwide media ad spend by 3 percent, S...

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