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Australia Passes Law Forcing Facebook, Google to Pay for News
Posted
February 25, 2021
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6,621
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February 25, 2021
6,621
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0:50Now PlayingAustralia’s parliament passed a world-first law to force digital giants such as Facebook Inc. and Google pay local publishers for news content -- a move that may unleash more global regulatory action to limit their power.
The legislation was passed Thursday and will ensure “news media businesses are fairly remunerated for the content they generate,” Treasurer Josh Frydenberg said in a statement. “The code is a significant microeconomic reform, one that has drawn the eyes of the world on the Australian parliament.”
Regulators globally have been closely watching the legislation as they grapple with the advertising dominance of Facebook and Google, who now face the prospect of similar measures cascading around the world. Prime Minister Scott Morrison has said he’s discussed the new law with the leaders of India, Canada, France and the U.K.
The U.S. technology giants negotiated hard with the Australian government to extract concessions.
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