The two foundations, already partners, are giving the money to Amara:
Amara (formerly Universal Subtitles), has transformed video subtitle creation and management, which was previously an expensive and complicated process. Just as organizations like Mozilla, Twitter, and Facebook have built volunteer communities to translate their websites, Amara makes this possible for companies to do with their video assets. Through Amara, it is possible for any individual or organization to enlist a team of experienced volunteers to translate a video and make it global. While Amara’s tools are free and open source, it also offers premium services, which companies and organizations can use to create and manage high quality subtitles, using staff, contractors and volunteers.
Amara is already being used by PBS NewsHour, among others. (Check out that link’s video in Turkish.)