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Stock impact report

Newsom plans no new journalism funding despite $175-million funding deal with Google [Los Angeles Times (CA)]

Alphabet Inc. - Class C Capital Stock (GOOG) 
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heralded effort to help California journalists will amount to anything and how serious Newsom is about supporting the struggling industry. It's a significant walkback from an August 2024 deal between state leaders and Google in which they agreed to jointly spend $175 million over five years to fund local journalism. The deal, which Newsom hailed as a “major breakthrough in ensuring the survival of newsrooms” at the time, was reached after Google spent a record sum — $11 million — lobbying state lawmakers successfully to drop two proposals that would have forced Google to pay newsrooms for using their content. Under the agreement, the state would pay $70 million and Google $55 million into the newly established California Civic Media Fund for local news outlets. Google would also continue issuing its annual $10-million newsroom grants. But in May 2025, citing budget restraints, Newsom slashed the state's first-year commitment to just $10 million for fiscal year 2025-26, with no f Show less Read more
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