Facebook to create New Zealand fund to support local publishers

November 4 (Reuters)The parent company of Facebook Meta Platforms Inc FB.O on Thursday announced it would invest in New Zealand to promote emerging news publishers and boost their digital capabilities, a month after the social media giant landed in hot water with Australian media over the licensing of contents.

The company, which has not disclosed the amount of its investment, said its program will include training local publishers from a variety of backgrounds to boost their digital audiences and revenue growth, both on and off Facebook. .

Meta also said it will partner with the International Center for Journalists to set up an advisory committee made up of five Kiwi media staff who will help develop the talent selected under the program.

The move comes just days after an Australian university publisher urged the government to enforce new law to force Facebook to negotiate a content deal, as it has done with other major media companies such as News Corp. NWSA.O and the Australian Broadcasting Corp.

Last week, Facebook changed the name of its holding company to Meta, undergoing a rebranding at a time when lawmakers and regulators criticized its market power, algorithmic decisions and police abuse of its services.

(Reporting by Anushka Trivedi in Bangalore; Editing by Ramakrishnan M.)

((Anushka.Trivedi@thomsonreuters.com; +918061823241;))

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