Facebook CEO Mark Zuckerberg and Australian Federal Treasurer Josh Frydenberg reached an agreement on Tuesday morning. Australian media reported that Seven West Media and Facebook have signed a landmark agreement to ensure the social media giant pays for the use of the company’s original news content.
Facebook has agreed to restore its Australian news pages after reaching a new deal with the Australian federal government.
Finance Minister Josh Frydenberg and Facebook boss Mark Zuckerberg finalized the deal Tuesday morning, according to industry sources.
Facebook abruptly banned Australian publishers and users from sharing or viewing Australian domestic and international news last Thursday, a move that was widely condemned around the world.
The blocking move by Facebool is believed to be in response to a previously proposed new law in Australia that would require Google and Facebook to pay for linked Australian news content.
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After the two sides reached an agreement, Frydenberg personally thanked Zuckerberg for the “constructive” nature of the negotiations.
“The absolutely critical point is that the statute retains its key measure, which is that it is a mandatory statute.” He told reporters.
“Second, it’s based on a two-way value exchange. And third, it involves a final offer arbitration mechanism.”
“It (the negotiations) was a difficult process, but these issues are really important.” Frydenberg told reporters.
“These issues are important because the purpose of the statute and the purpose of the Morrison government’s intent is to maintain a news industry that is in the public interest of the country.”
He insisted that Facebook’s removal of Australian news was “regrettable” and “disappointing.
“Their behavior last week was regrettable and I expressed that very directly to Mark himself,” Friedenberg said. Freidenberg said.
“Not only is the Australian government disappointed in what Facebook did, but we’re disappointed in what they did because we weren’t given any advance notice.”
Facebook said they are restoring news content after reaching an agreement with the federal government.
During Facebook’s rollout of the ban, users navigating to an Australian news organization’s page will see a uniform gray color for what used to be a custom cover photo and a “not yet posted” message in the news content and share stories area.
Will Easton, general manager of Facebook Australia and New Zealand, said his company was pleased to reach an agreement with the government.
“We’ve always supported a framework that encourages innovative collaboration between online platforms and publishers,” he said in a statement. He said in a statement.
“Following further discussions, we are satisfied that the Australian government has agreed to changes and assurances that address our core concern that commercial transactions can respond to the benefits that our platform provides to publishers equal to the benefits we receive from them.”
The West Australian reports that Seven West Media and Facebook have signed a landmark agreement to ensure the social media giant pays for the use of the company’s original news content.
Seven West Media was the first major Australian media company to announce an agreement with Google last week to require the search engine giant to pay for news content.
James Warburton, CEO of Seven West Media, said: “These two agreements are an important step forward for Australian news media and a clear recognition by all parties of the value and importance of original news content.
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