The social media giant - co-foudned by Mark Zuckerberg - is vowing to help out outlets with news programs, partnerships and initiatives.
This will include grants for local reporting, newsrooms and improving and growing their partnerships program.
Campbell Brown, Facebook's head of global news partnerships, said the company "can't uninvent the internet," but it wants them to help local news by helping them on and offline.
She added: "The industry is going through a massive transition that has been underway for a long time.
"None of us have quite figured out ultimately what the future of journalism is going to look like but we want to be part of helping find a solution."
Facebook introduced the 'Today In' section of the app solely for local news, which gathers all the latest news - including traffic and crime alerts - in cities around the US and Australia
The investment comes after the social media app came under fire for the spreading of misinformation.
A former head of intelligence agency GCHQ, recently claimed it could become a threat to democracy if tougher regulations are not introduced.
Robert Hannigan accused Facebook of being more concerned with making money than "protecting your privacy".
He said: "This isn't a kind of fluffy charity providing free services. It's is a very hard-headed international business and these big tech companies are essentially the world's biggest global advertisers, that's where they make their billions.
"So in return for the service that you find useful they take your data ... and squeeze every drop of profit out of it."
Hannigan also suggested that Facebook represents a threat to democracy.
He explained: "I think it is if it isn't controlled and regulated.
"But these big companies, particularly where there are monopolies, can't frankly reform themselves. It will have to come from outside."
British MPs also accused the firm of making secret deals over user data and handling of fake news.