Australian media giants set for Meta standoff as $100m in deals expire
Publishing executives are losing confidence in their ability to renew lucrative deals with social media giant Meta without government intervention.
About $100 million in funding could evaporate from the Australian news media landscape next year, with publishing executives losing confidence in their ability to renew lucrative deals with social media giant Meta without government intervention.
The confidential agreements, secured by 13 media companies including ASX-listed News Corp, Nine Entertainment and Seven West Media under the federal government's News Media Bargaining Code, are set to begin expiring in the first-half of 2024.
Publishers are privately concerned about renewals of the agreements amid a rapid retreat from news by Meta. That is, unless the government 'designates' the company under the code, a move that would force it to strike deals with publishers to display or link to news content on its platforms including Facebook and Instagram.
Assistant Treasurer Stephen Jones has so far withheld any indication of the government’s position on designation, as media companies prepare to ramp up lobbying efforts on the matter.
