Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Facebook says it is spending $100 million to support news outlets around the world that have been impacted by the coronavirus, the company said Monday.

Why it matters: Whatever Facebook's motivation, this is a much-needed cash infusion at a critical time for the local news industry.

Yes, but: While $25 million will be given to local news organizations in the U.S. as grants, the other $75 million is being funneled to news organizations in need globally through Facebook marketing, or ad space Facebook is purchasing to market itself from those outlets.

  • The new grants will be made through Facebook's new COVID-19 Community Network grant program, which Facebook first debuted two weeks ago.
  • The Post and Courier in South Carolina, the Southeast Missourian, and El Paso Matters in Texas will be among some of the first recipients of the grants.

Between the lines: The investment builds on a previously-announced $300 million commitment from Facebook through its Facebook Journalism Project to invest in news efforts, especially local news.

  • It also builds on a recently-announced $2 million investment to support newsrooms and fact-checkers that aim to promote quality information about the coronavirus.

Be smart: It's in Facebook's best interest to invest in news, particularly at the local level.

  • Facebook's business model is contingent on people sharing news and updates about their communities, but the tech giant said last year that there isn't enough digital local news across the U.S. for its users to share.
  • Some policymakers and news trade groups have grown increasingly frustrated with Silicon Valley over the past few years for leveraging its dominance in ways that make it difficult for news publishers to turn a profit.

The big picture: Tech and media companies are throwing millions of dollars at journalism and small businesses initiatives during this time of crisis.

  • Google said Friday it's donating $800 million in cash and ads to fight the coronavirus.
  • Facebook said last week it's giving out $100 million in grants to help small businesses during the coronavirus.
  • Yelp said last week it will give $25 million to help local businesses survive the coronavirus slowdown, primarily via free ad space.
  • Netflix is creating a $100 million relief fund to help members of the creative community struggling from the crisis.
  • WarnerMedia says it's committing more than $100 million to support film and production crews being shut out by the virus.
  • Apple has pledged $15 million to medical and economic relief efforts towards the virus.
  • Twitter said Tuesday that it's donating $1 million to the Committee to Protect Journalists and the International Women's Media Foundation ($500,000 each) to support newsrooms while covering the novel coronavirus.

Our thought bubble: While tech giants like Google, Facebook and others are expected to lose billions of advertising dollars this year thanks to economic disruptions caused by the coronavirus pandemic, the losses aren't expected to cripple these companies.

  • Meanwhile, the coronavirus and a pending recession has pushed the local news industry into near collapse at a time when people need access to local news and information more than ever before.

The bottom line: "If people needed more proof that local journalism is a vital public service, they're getting it now," says Campbell Brown, Facebook's VP of global news partnerships, in a statement.

Go deeper:

Go deeper

Clinton-linked lawyer indicted in investigation of FBI's Russia probe

Photo: Eric Baradat/AFP via Getty Images

A grand jury has returned an indictment against Michael Sussmann, a lawyer whose firm represented the 2016 Clinton campaign, for lying to the FBI about not representing "any client" when he presented them with allegations about a secret Trump Organization back-channel to a Russian bank.

Why it matters: It's the second criminal charge stemming from special counsel John Durham's review of possible misconduct by the intelligence community and prosecutors who investigated the 2016 Trump campaign's ties to Russia.

Federal judge blocks Biden administration's use of Title 42 policy

Photo: Stefani Reynolds/Bloomberg via Getty Images

A federal judge on Thursday blocked the Biden administration from enforcing a public health order that fast-tracked deportations of migrant families at the southern border.

Why it matters: President Biden has faced significant backlash for retaining the Trump-era policy, which was implemented as a COVID containment measure. The expulsions deny adult migrants and families the chance for asylum.

2 hours ago - World

Blinken, Austin call out China at event on Australia security pact

Blinken and Austin. Photo: Andrew Harnik/POOL/AFP via Getty Images

Secretary of State Tony Blinken and Defense Secretary Lloyd Austin condemned China's "aggressive" and "destabilizing" behavior at a press conference Thursday, as they inaugurated a major new trilateral security partnership with Australia and the U.K.

Why it matters: China was not explicitly mentioned in President Biden's announcement of the AUKUS alliance, through which the U.S. and the U.K. will help Australia acquire nuclear-powered submarines as part of a broader effort to ensure "peace and stability in the Indo-Pacific."