Facebook Inc, will invest $300 million in local news globally, the company said on Tuesday.
The company will be spending the sum over three years as it has been facing intense criticism for playing a role in the erosion of the news business worldwide. The company described the investment in time and money as a significant development for its plan to assist newsrooms in the United States and other countries to create and maintain possible business models for their survival.
Earlier investments of the Facebook in the new business were mostly tied to its related products and the latest investment will distinguish itself from the previous rounds if not came up again with such tying conditions, said beneficiaries of the investments.
Previously the company’s investments in the news business were made to maximize the reliance of publishers over Facebook to deliver their products, which came out hurting many organizations with shifts in Facebook’s strategies.
The company will keep on struggling to bar fake news, low quality news and misinformation on its social platform, but it is an opportunity as well as a responsibility of the company to help local news organizations in their growth and success, said Campbell Brown, Facebook’s vice president of Global News Partnerships said in a statement.
For a role in providing its platform to be used for misinformation, hate speech and political meddling, Facebook saw condemnation by the critics.
For their plans, like attracting more resources for local reporting, research for improvement in gathering news and creation of new products by using technology, hiring of trainee community journalists and their placement in local newsrooms and funding of Peace Corp’s program for placement of 1,000 journalists in local newsrooms over five years, Facebook will made investment in the United States in the first round of its investments.