Facebook Pledges $1 Bn In News Investments Over 3 Years

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In this file illustration photo taken on March 25, 2020, a Facebook app logo is displayed on a smartphone in Arlington, Virginia. Olivier DOULIERY / AFP
In this file illustration photo taken on March 25, 2020, a Facebook app logo is displayed on a smartphone in Arlington, Virginia. Olivier DOULIERY / AFP

Facebook on Wednesday pledged to invest at least $1 billion to support journalism over the next three years as the social media giant defended its handling of a dispute with Australia over payments to media organizations.

Nick Clegg, head of global affairs, said in a statement that the company is willing to support news media while reiterating its concerns over mandated payments.

“Facebook is more than willing to partner with news publishers,” Clegg said after Facebook restored news links as part of a compromise with Australian officials.

“We absolutely recognize quality journalism is at the heart of how open societies function — informing and empowering citizens and holding the powerful to account.”

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