Facebook to pay $5 million to local journalists in newsletter push

Facebook Inc on Thursday said it will give $5 million to pay local journalists in multiyear deals as part of its new publishing platform to help independent writers attract an audience and make money through the social media network.

The move is part of Facebook's answer to the trend of email newsletters, led by platforms like Substack, as it focuses on reporters "who are often the lone voice covering a given community," the company has said.

The publishing platform, which Facebook announced last month, will be integrated with Facebook Pages and include a free self-publishing tool for journalists to send out newsletters or create their own website.