In a rare series of offerings, some media outlets may get help with bailout dollars, or financial assistance from Facebook and other large technology companies.
This is unusual because of the rough and tumble nature of media competition itself where normally/historically the competing news agencies fight to the death. This is an effort to save local papers and longtime/old-line print and media to bridge continuity between old and new.
In the age of Facebook, Twitter, LinkedIn, and Instagram the Blog Community feeds influencers and advertising which would ultimately affect the revenues for Google, Twitter, Facebook, and others.
Facebook FB recently announced a $100 million investment to support journalism, especially local news agencies hit by loss in ad revenues due to the coronavirus pandemic.
The social media giant is investing $25 million in grants for local news organizations via the Facebook Journalism Project. The first round of grants went to 50 local newsrooms located in the United States and Canada.
Notably, emergency grants from Facebook have already enabled The Post and Courier in Charleston, SC, to take down their paywall for coronavirus stories and cover travel costs for reporters in rural areas of the state.
Moreover, the company is also offering $75 million in marketing spend so money is moved to news organizations across the globe.
Facebook had previously pledged to invest more than $300 million in news companies across the United States by 2021, funding reporting fellowships and grants for local papers.