AsianFin--California has announced a groundbreaking initiative that will see millions of dollars from both taxpayer funds and technology companies directed towards supporting journalism and advancing AI research. This new deal, the first of its kind in the U.S., will see a combined investment of approximately $250 million over the next five years.

The agreement, set to begin in 2025, includes an initial $100 million in the first year. The majority of this funding will be allocated to California-based news organizations, with the remainder supporting the creation of an AI research program. The deal was facilitated by Democratic Assemblymember Buffy Wicks.

“This agreement marks a significant step forward in ensuring the sustainability of newsrooms and enhancing local journalism throughout California. It harnesses substantial resources from the tech industry without imposing additional taxes on residents,” said Governor Gavin Newsom. “This initiative will not only fund hundreds of new journalism positions but also help to rebuild a vibrant and effective press corps, underscoring the essential role of journalism in our democracy.”