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16.03.2021

Facebook and News Corp strike a deal Australia

Facebook and News Corp strike a deal Australia

The pay deal follows a similar agreement struck with Google last month

Stocks impacted: Facebook Inc (FB), News Corp (NWS)

Facebook is teaming up with News Corp Australia in a three-year partnership that will allow content from much of Rupert Murdoch's local media empire to be featured on Facebook News. Financial terms were not disclosed. Of note, News Corp Australia controls about 70% of newspaper circulation in the country. The deal has been secured just weeks after Australia passed a controversial world-first law aimed at making tech platforms pay for news content. The pay deal follows a similar agreement struck with Google last month. News Corp now has pay deals with Facebook, Google, and Apple to provide access to journalism. News Corp stocks finished 0.73% higher on Tuesday while Facebook shares rallied nearly 2% overnight.

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