Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Facebook threatens to block news content over Canada's revenue-sharing bill

Published 10/21/2022, 08:42 PM
Updated 10/21/2022, 08:51 PM
© Reuters. FILE PHOTO: Meta and Facebook logos are seen in this illustration taken February 15, 2022. REUTERS/Dado Ruvic/Illustration
GOOGL
-
META
-
GOOG
-

By Ismail Shakil

OTTAWA (Reuters) - Facebook (NASDAQ:META) warned on Friday that it may block sharing of news content on its platform in Canada over concerns about legislation that would compel digital platforms to pay news publishers.

The Online News Act, introduced in April, laid out rules to force platforms like Meta's Facebook and Alphabet (NASDAQ:GOOGL)'s Google to negotiate commercial deals and pay news publishers for their content, in a move similar to a ground-breaking law passed in Australia last year.

The legislation is under consideration at a parliamentary committee, to which the U.S. social media company said it has not been invited to share its concerns.

"We believe the Online News Act misrepresents the relationship between platforms and news publishers, and we call on the government to review its approach," Marc Dinsdale, head of media partnerships at Meta Canada, said in a blog post.

"In the face of adverse legislation based on false assumptions that defy the logic of how Facebook operates, we believe it's important to be transparent about the possibility that we may be forced to reconsider allowing news content sharing in Canada," Dinsdale wrote.

Canada's Heritage Minister Pablo Rodriguez, who introduced the bill, said in a statement on Friday that the government continued to have "constructive conversations" with Facebook.

"All we're asking the tech giants like Facebook to do is negotiate fair deals with news outlets when they profit from their work," Rodriguez said in an emailed statement.

The legislation proposes that digital platforms that have a "bargaining imbalance" with news businesses - measured by metrics like a firm's global revenue - must make fair deals that would then be assessed by a regulator.

Dinsdale said news content was not a draw for Facebook users and did not bring significant revenue to the company.

© Reuters. FILE PHOTO: Meta and Facebook logos are seen in this illustration taken February 15, 2022. REUTERS/Dado Ruvic/Illustration

When Australia, which has led global efforts to rein in the powers of tech firms, proposed legislation forcing them to pay local media for news content, Google threatened to close its Australian search engine, while Facebook cut all third-party content from Australian accounts for more than a week.

Both eventually struck deals with Australian media companies after a series of amendments to the legislation were offered.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.