Facebook to invest 300 million in local news programs

Vastavam web: Facebook says it is investing 300 million over the next three years in local news programs, partnerships and other initiatives. 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 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 industry is going through a massive transition that has been underway for a long time,” she said. “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.”

Facebook has increased its focus on local news in the past year after starting off 2018 with the announcement that it was generally de-emphasizing news stories and videos in people’s feeds on the social network in favor of posts from their friends. At the same time, though, the company has been cautiously testing out ways to boost local news stories users are interested in and initiatives to support the broader industry. It launched a feature called “Today In” that shows people local news and information , including missing-person alerts, road closures, crime reports and school announcements, expanding it to hundreds of cities around the U.S. and a few in Australia.

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 U.S. 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.