Facebook to invest $300 million in news, focusing on local

NEW YORK (AP) — 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.