News Corp (News Corp) has reportedly secured a $5.5 billion grant to support research and technology innovation in the United States.
The announcement was made in an executive order signed by President Donald Trump.
The funds will be distributed over the next 10 years.
This funding will support research, development and demonstration of advanced technologies in the areas of artificial intelligence, biotechnology, health, healthcare, and environmental sustainability.
News Corp said it is looking for partners and partners-in-residence for the new grants.
The initiative is intended to advance the private sector and state and local governments’ plans to develop technologies that address the challenges of the 21st century, including the spread of pandemics, climate change, and the increasing demand for clean energy.
In a statement, News Corp CEO Rupert Murdoch said the fund would allow News Corp to continue its investment in its US media operations.
“We believe that the United Kingdom and Australia are the two leading and most exciting countries for innovation in media, and that our investment will be crucial in our continued investment in this area,” Murdoch said.
“Our continued investment will support the development of new technologies and innovative businesses that will help drive the economic and social benefits of the new economy and the society at large.”