Why are Google and Facebook buying more news sites?
It’s been more than a decade since Google and its then parent company Facebook bought Vox Media for $1.6 billion.
Now that Vox has acquired Vox Media, the tech giants are ramping up their news efforts.
In a statement to the Wall Street Journal, Google and Twitter said they’re “building more than 30 news sites in addition to our own.”
The tech giants said the new sites would be launched this year, in addition for the upcoming 2018 holiday season.
It’s unclear whether these sites will compete with the traditional news organizations.
Vox Media said in its statement that the newsrooms it already owns, including Vox and The New York Times, will remain intact and will be “fully functional.”
In 2016, the companies bought Vox for $450 million.
In January 2018, Facebook bought The Verge for $250 million.
The newsrooms have not yet announced the names of the new businesses.