Bulletin
Investor Alert

Feb. 23, 2021, 10:01 a.m. EST

Facebook Makes up with Authorities Down Under

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Facebook Inc. Cl A (FB)
  • X
    Alphabet Inc. Cl A (GOOGL)

or Cancel Already have a watchlist? Log In

Feb 23, 2021 (Baystreet.ca via COMTEX) -- Mark Zuckerberg and the Aussies are back doing business again.

Facebook /zigman2/quotes/205064656/composite FB -0.53% has reached an agreement with the Australian government and will restore news pages in the country days after restricting them.

The decision follows negotiations between the tech giant and the Australian government, which is set to pass a new media law that will require digital platforms to pay for news.

"After further discussions, we are satisfied that the Australian government has agreed to a number of changes and guarantees that address our core concerns about allowing commercial deals that recognize the value our platform provides to publishers relative to the value we receive from them," Facebook said in an updated statement.

Prime Minister Scott Morrison's government introduced last-minute changes to the proposed news media bargaining code that is in parliament and is expected to be voted into law soon. The bill was introduced in parliament last December.

The law, if passed, will make digital platforms pay local media outlets and publishers to link their content in news feeds or search results.

Under the amendments to the proposed bill, the Australian government will take into account commercial agreements that digital platforms like Google /zigman2/quotes/202490156/composite GOOGL -0.11% and Facebook have already made with local news media businesses before deciding if the code applies to the tech giants.

The government will also give the digital platforms one month's notice before reaching the final decision.

The social media giant saw its shares take on 68 cents to $261.01

COMTEX_381592326/2559/2021-02-23T10:01:01

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 306.18
-1.64 -0.53%
Volume: 13.06M
April 16, 2021 4:00p
P/E Ratio
30.30
Dividend Yield
N/A
Market Cap
$875.14 billion
Rev. per Employee
$1.47M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 2,282.75
-2.50 -0.11%
Volume: 1.31M
April 16, 2021 4:00p
P/E Ratio
38.89
Dividend Yield
N/A
Market Cap
$1544.31 billion
Rev. per Employee
$1.35M
loading...

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.