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Facebook commits $100 million to support news media hurt by the virus crisis

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Key Points
  • Facebook pledged $100 million in financing and ad spending to support news organizations, including local publishers in the U.S., reeling from pressure due to the coronavirus pandemic.
  • News publishers, especially print media, have taken the brunt as many advertisers pulled their marketing budgets to rein in costs because of virus-related uncertainty.
Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook's proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy.
Chip Somodevilla | Getty Images News | Getty Images

Facebook on Monday pledged $100 million in financing and advertising spending to support news organizations, including local publishers in the United States, reeling from pressure due to the coronavirus pandemic.

News publishers, especially print media, have taken the brunt as many advertisers pulled their marketing budgets to rein in costs because of virus-related uncertainty.

Vatican's 160-year-old newspaper L'Osservatore Romano, which suspended printing last week, was the latest in line of a number of print publishers struggling to operate in safe conditions after the outbreak.

Facebook's donation includes $25 million in emergency grant funding for local media, and $75 million in marketing spend for news organizations globally, it said.

The social network said the first round of its grants went to 50 local newsrooms in the United States and Canada.

Corporate America has pitched in several ways to assist from the fallout of the fast-spreading virus, even as many of the companies have been forced to dramatically scale back operations.

On Friday, Google-parent Alphabet said it would donate more than $800 million in funds and ad credits to businesses, government and health organizations.