Sydney: Facebook Inc.
will provide money for “innovation funds” for 170 regional Australian newspapers as part of a planned licensing agreement, the parties said on Friday, referring to the steps of cooperation between social media giants and local publishers.
This step brings the grassroots element to a series of offers announced by Facebook in Australia since the country is promulgated to make it and Google Inc.
Google negotiate content payments to media outlets or the risk of government arbitration.
Because the laws come into force in February, dominant news providers such as News Corp, Nine Entertainment Co Holdings Ltd and Australia broadcasting Corp.
has signed offers or letters of intention with large technology players.
The agreement planned by the Australian Press State (CPA) and the technology giant will bring Facebook money closer to Masthead like Bunyip, circulation of 8,750, and gympie today, circulation of 4,000, because they are among 170 outlets represented by it.
The provisions of the agreement include the time frame, the amount of money and how it will be divided or spent not disclosed in a shared statement from the CPA and Facebook.
The statement said the parties had signed an intention to attack only the agreement.
“This funding support will help Australian members’ press countries build their digital business and reach a new audience,” said Facebook News Leadership for Australia and New Zealand, Andrew Hunter.
“This is part of our sustainable investment in Australian journalism and our collaboration with the news industry to build a sustainable business model,” he added.
CPA President Andrew Manuel said Facebook funds would “help maintain the journalism of the original public interest in many regional and local communities” where the body’s newspaper was published.
Before the Australian law was passed, Facebook and Google campaigned against them including steps by Facebook to cut all content from news feed briefly.
US companies have since launched a lot of agreement, although some small publishers said they still could not reach the negotiation table.
Facebook is set to finance regional Australian newspaper funds
