(AP) -- NEW YORK -- Facebook says it is investing $300 million over the next three years in news initiatives, with a focus on local news partnerships and other programs.
The money will go toward reporting grants for local newsrooms, expanding Facebook’s program to help local newsrooms with subscription business models and investing in nonprofits aimed at supporting local news. It will also be used for Facebook’s other, broad news initiatives such as news literacy programs and third-party fact-checking.
The move comes at a difficult time for the news industry, which is facing falling profits and print readership. Facebook, like Google, has also been partly blamed for the ongoing decline in newspapers’ share of advertising dollars as people and advertisers have moved online.
Advertisement - story continues below