Facebook Inc (FB.O) will invest 300 million dollars over three years in local news globally as it faces blistering criticism over its role in the erosion of the news business worldwide.
“The investment in time and money is a significant expansion of a plan to help newsrooms in the U.S. and abroad create and sustain viable business models to survive,’’ the company said on Tuesday.
Unlike earlier investments in the news business, this latest round is distinguished by how it is not tied to Facebook-related products, recipients of the investments say.
Earlier rounds of investments in the news business were designed to encourage publishers to rely on delivering its products over Facebook, which eventually hurt many news organisations when Facebook’s strategies shifted.
“We are going to continue fighting fake news, misinformation, and low quality news on Facebook.
“But we also have an opportunity, and a responsibility to help local news organisations grow and thrive,”…
