Australia orders Facebook, Google to pay media for news

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Government of Australia has ordered Facebook Inc. and Alphabet Inc.’s Google to share revenue generated from news articles, adding to growing global regulatory and political pushback against the digital giants.

Bloomberg reports that the two companies will have to negotiate with traditional media on remuneration in good faith, Treasurer Josh Frydenberg said Friday. If no agreement is reached, there will be a binding arbitration process and penalties for breaching the code of up to A$10 million ($7 million) or 10 per cent of local revenue.

The move aims to correct what the government says is a power imbalance between two of the world’s most profitable companies and a local media…



Source: Nigerian Tribune