News Industry to get $100mn from Facebook

Facebook Inc. has announced to invest $100 million in News Industry to provide platform to new channels and papers to transform their digital presence.

$25 million have been announced to be invested on media channels, 75 per cent of which is to be spent on additional marketing.

Facebook issued a press release stating that, “If people needed more proof that local journalism is a vital public service, they’re getting it now… This money will not only help keep journalists reporting right now amidst the crisis, but the funding will also fuel opportunities for local media to accelerate the business transformation toward a more sustainable digital footing.”

Facebook aims to reduce the spread of fake news and misinformation on social media by investing on journalists, providing them with different ways to earn and business transformation through its three applications: WhatsAap, Facebook and Instagaram.