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.
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
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
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.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
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
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
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
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
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
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Sven Hoppe/picture alliance via Getty Images
Mark Zuckerberg, signaling his personal involvement in a new Facebook commitment of $100 million to bolstering local journalism, told me that "very local work" is vital to his big mission of bringing the world closer together.
What he's saying: "Everyone believes that local journalism is incredibly important," Zuckerberg told Axios in a phone interview. "But everyone is connected to their local [outlets]. Figuring out how to make an impact, and support local journalism broadly and at scale, has been a challenge."
- "We know that a lot of journalists are working really hard under very difficult conditions, when getting accurate information is incredibly important," Zuckerberg continued. "At the same time, a lot of these organizations are struggling because of the economic impact of the outbreak."
Facebook's announcement is a much-needed cash infusion for local news businesses, which are having their business models annihilated by the coronavirus crisis, at the same time readers need them more than ever, Axios' Sara Fischer writes.
- $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.
- This is on top of $300 million that Facebook had committed earlier.
Campbell Brown, Facebook's V.P., Global News Partnerships, writes:
- "Over time, we think this work can have the added benefit of fostering civic engagement, which research suggests is directly correlated with people’s reading of local news."
What's next: With Facebook experiencing a massive surge in traffic, Zuckerberg said the company is moving up products on its long-term road map that'll help people maintain their social infrastructure while they can't go outside — video and group chat improvements, and online events instead of physical events.