Facebook donates $100 million to support media because of Corona
Facebook inc. on Monday pledged to spend $100 million on funding and advertising to support news organizations, such as local publishers in the United States, due to pressures from the emerging coronavirus epidemic COVID-19.
The pledge comes at a time when news publishers, particularly print media, bear the brunt, with many advertisers withdrawing their marketing budgets to curb costs due to HIV uncertainty.
Launched nearly 160 years ago in the Vatican, L'Osservatore Romano, which stopped printing last week, was the latest in a number of print publishers struggling to work in safe conditions after the outbreak.
Facebook said its grant includes $25 million in emergency funding for local media and $75 million in marketing spending for news organizations worldwide. The first round of the grant went to 50 local newsrooms in the United States and Canada, the social network added.
Facebook is not the first to support the media, ahead of Alphabet, Google's parent company, on Friday, announcing more than $800 million in funds and advertising credit to companies, the government, and health organizations.
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