Media organizations grapple with the new Facebook

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The co-founder of the world's largest social-media business saw his fortune fall $2.9 billion on Friday after he posted plans to shift users' news feeds toward content from family and friends at the expense of material from media outlets and businesses.

The changes could shrink the social media giant's role as a major news source for many people.

Facebook said it's shifting the focus of its news feed to promote "meaningful" posts, mostly from family and friends. But too often today, watching video, reading news or getting a page update is just a passive experience. Every user sees a different set of content and ads, ranked and tailored based on their characteristics, what they click and what their friends do.

While he acknowledges that Facebook may never be completely free of malign influences, Zuckerberg says that the company now makes "too many errors enforcing our policies and preventing the misuse of our tools".

Facebook founder and CEO Mark Zuckerberg says the social network will become more about "personal moments" and "connection". "And the public content you see more will be held to the same standard - it should encourage meaningful interactions between people".

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It said the firm remained in constructive dialogue about short term financing while "longer term discussions are continuing". The company needs £300m of emergency funding and lenders are under pressure from the Government to keep the company afloat.

"They're definitely going to be required to buy an ad", Schiffer said. Former executives and Facebook investors have spoken out about how it and other social media sites might be hurting rather than helping society and users' psyches. Zuckerberg acknowledged that he expects this will mean people spend less time on Facebook, but he hopes the time they do spend "will be more valuable". It's likely you'll still see news articles or even notifications about good deals prominently on your feed, as long as they're posted by your friends.

"If Facebook downplays "low quality" publishers, as is widely rumored, it could be a net positive for Gizmodo, Jezebel, The Root and our other brands", Narisetti said in an email. Less time, of course, means fewer advertising eyeballs at any given time.

Nic Newman, a digital media strategist who authors the Reuters Institute Digital Report for Oxford University, said the move is "not unexpected" because "it's been a pretty awful year for Facebook in terms of its PR" - referencing the criticism the company has faced over "fake news" and its increasing dominance, alongside Google, of the online advertising market. In this charged atmosphere, agents working for a Kremlin-linked company, the Internet Research Agency, disseminated content that reached an estimated 126 million users in the United States in 2016, Facebook revealed to Congress during hearings on the matter past year. With the latest change, Facebook's algorithm will prioritise posts that spark back-and-forth discussion or inspire people to share and react. He's come a long way since November 2016, when he dismissed the notion that fake news on Facebook could have influenced the US presidential election as a "pretty insane idea".

Many publishers have already recognized that they must spread their content beyond Facebook. But forced to confront declines in digital advertising and online readership, many publishers have also staked at least some of their future on Facebook's ability to augment their audience.