Australia plans new rules forcing Big Tech to continue paying news outlets [Yahoo! Finance Canada]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance Canada
Australia Communications Minister Michelle Rowland's office, Meta and Google did not immediately respond to a request seeking comment. Australia in 2021 passed laws to make the U.S. tech giants, such as Alphabet's Google and Meta, compensate media companies for the links that drive readers - and advertising revenue - to their platforms. The government has the power to set the fees if negotiations fail. Meta struck deals with several Australian media firms including News Corp and national broadcaster Australian Broadcasting Corp but has since said it will not renew those arrangements beyond 2024. Meta, which also owns Instagram, Threads and WhatsApp, has been scaling back its promotion of news and political content to drive traffic and says news links are now a fraction of users' feeds. It has said it would discontinue a tab on Facebook promoting news in Australia. (Reporting by Renju Jose in Sydney; Editing by Franklin Paul) Recommended Stories
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