Covid-19: Facebook okays additional $100m to support news industry

By Kuokumo Goodie, Lagos

Social platform, Facebook, said it has approved additional $100 million in support of the media industry as the COVID-19 pandemic bars its fangs deeper and harder.

Its VP Global News Partnerships, Campbell Brown, in a statement, said the news industry is working under extraordinary conditions to keep people informed during the COVID-19 pandemic.

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.

“Today we’re announcing an additional $100 million investment to support the news industry— $25 million in emergency grant funding for local news through the Facebook Journalism Project, and $75 million in additional marketing spend to move money over to news organizations around the world.

“Through the COVID-19 Community Network grant programme, direct funding is helping journalists cover important stories when we all need them most. We're building on this work and will direct a portion of these funds to publishers most in need in the hardest hit countries. The first round of these grants went to 50 local newsrooms in the US and Canada,” he said.

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