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Facebook to back local news with $300M investment

Facebook Inc. will invest $300 million as part of its efforts to support local news over the next three years.

The investment will focus on news programs, partnerships and content, Campbell Brown, vice president of Global News Partnerships at the social networking giant said in a Jan. 15 official blog post.

With the investment, Facebook will seek to support local journalists and newsrooms with their news gathering needs in the immediate future; and help local news organizations build sustainable business models.

Further, Facebook is expanding its Accelerator pilot, which was introduced in the U.S. in 2018 to help local newsrooms with subscription and membership models. The company has committed more than $20 million to continue the local Accelerator in the U.S. and to expand the model globally, including in Europe.

Facebook also announced financial support for initiatives and projects such as Pulitzer Center, Report for America, Knight-Lenfest Local News Transformation Fund, Local Media Association & Local Media Consortium, American Journalism Project and Community News Project.

In 2018, Facebook unveiled plans to prioritize local news in all countries and in all languages. Initially introduced in the U.S., the move lets users see more news on the social network from local sources covering news about the city they are in and other cities they may care about.