“Much-needed cash infusion at a critical time for the local news industry”: Facebook commits $100M to support publishers

What's New in Publishing 02 Apr 2020 10:11

Facebook has announced a $100M investment to support the news industry which has been affected by the coronavirus pandemic. 

Its VP of Global News Partnerships, Campbell Brown, writes, “At a time when journalism is needed more than ever, ad revenues are declining due to the economic impact of the virus. Local journalists are being hit especially hard, even as people turn to them for critical information to keep their friends, families and communities safe.”

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.

Jon Porter, International News Writer at The Verge

The announcement came on a day when the Gannett newspaper chain told employees at more than 100 newspapers that they would have to take unpaid leave. BuzzFeed announced last week that staff would be taking pay reductions on a sliding scale company wide.

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FacebookJon PorterNancy LaneLocal Media AssociationEl Paso Matters
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