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Facebook signs letter of intent with three Australian media firms

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HomeLatest Platform NewsMedia & Content PlatformsFacebook signs letter of intent with three Australian media firms

Facebook has said it had signed letters of intent with three Australian media firms, a day after the country’s Parliament passed a law forcing it to pay media companies for using content on its platform.

Facebook said it had signed partnership agreements with Private Media, which owns online magazines, Schwartz Media and Solstice Media. Commercial agreements will become effective within 60 days if a full deal is signed.

“These agreements will bring a new slate of premium journalism, including some previously paywalled content, to Facebook,” the social media company said in a statement.

It did not disclose the financial details of the deal.

Facebook on Tuesday struck a similar agreement with Seven West Media, which owns a free-to-air television network and the main metropolitan newspaper in WA.

Australia  became the first nation to pass a law where a government arbitrator can set the price Google and Facebook pay domestic media for using their content if private talks fail.

Facebook blocked all news content in Australia a week ago, citing concerns with the rules, but later restored all news feeds after reaching an agreement with the government.

For months Facebook and Google threatened to pull core services from Australia if the law took effect, but Google struck some deals with publishers in the days before the vote.

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The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Renju Jose. Editing by Richard Pullin.

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