Why Facebook is giving $300 million for local journalism | Washington Post

For more details, see Facebook is committing $300 million to support news, with an emphasis on local | NiemanLab

"Among the funded initiatives are: a $20 million investment in a program to help local outlets design and execute subscription and membership models; a $5 million endowment to create a grant program with the Pulitzer Center for local multimedia reporting projects; and a $2 million investment in Report for America, an initiative to recruit and fund journalists to cover under-covered topics in local newsrooms across the country.

Facebook’s financial commitment comes a year after Google pledged the same dollar amount, over the same timeline, to combat misinformation and support journalism, with a focus on boosting subscriptions to local news outlets. The pair’s investments are significant because of the tech giants' dominance in the market for online advertising, which has exacerbated the decline of American newsrooms. Together, the two companies command about 58 percent of the digital ad market, steering massive amounts of ad dollars to their platforms."

Why Facebook is giving $300 million for local journalism | Washington Post